Blackstone and Icahn have submitted separate tentative offers for the group to counter the $24.4bn take-private offer made by Silver Lake and founder Michael Dell according to Bloomberg, which cited sources with knowledge of the matter.
One of the sources said Blackstone and Icahn have several days to make binding offers.
The report noted that buyout firms rarely make counter bids once a deal has been agreed.
A separate report said Blackstone was planning to poach Oracle Corp president Mark Hurd to run Dell as part of a private equity-backed takeover.
The deal could be the biggest leveraged buyout since the onset of the global financial crisis, and is the largest since a Blackstone-led consortium bought semiconductor company Freescale for $17.5bn in 2006.
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