Blackstone's offer includes selling off major assets, assuming heavy debt, paying absurd dividends to shareholders etc.... All designed to seriously harm DELL's ability to compete well within its various business line markets. Ichan's "offer' would likely bankrupt DELL.
In contrast, Mike Dell and his LBO partner, Silverlake, are willing to invest in DELL's business, and sustain short term losses, in the hopes of eventually transforming the company to one well positioned for future business growth.
I well understand that longterm BX's buyout of Dell might be a bad thing. However, that has nothing to do with me. I want the best price for my shares now. Why should I care what BX does after taking Dell private? I also do not care what hapens to Dell if MDell takes them private. I'd also say neither BX nor Dell gives a damn about me, other than can they use me to raise capital.
You are mixing subjects: what is a superior price for the shares and what is best for the company ( Dell )?