Is Michael Dell down and out?

As Carl Icahn welcomes suggestions of a partnership with Blackstone Group, could CEO Michael Dell potentially lose control of the company he founded as a teenager?

After revealing to Reuters that he has started preliminary talks with Blackstone about a possible joint deal, the move could see the rival investors overtake Michael Dell's current US$24.4 billion buyout bid for the PC maker.

With both bids valuing the company at more than Michael Dell's original offer, shareholders have subsequently been offered bids of $15 and $14.25 per share from Icahn and Blackstone respectively, trumping the original offer of $13.65.

The company, the third largest PC maker in the world, now has three offers to consider, ironically with Michael Dell's seeming the worst offer.

But Silver Lake, who made the original offer, have so far refused to make a move until a decision is made regarding the other two proposals.

Michael Dell will meet up with Blackstone to discuss its bid, despite the firm unsuccessfully trying to temp Oracle president Mark Hurd to jump ship and run the company if it buys the business.

But Michael Dell will be aware he has a job on his hands as he fights for his company, especially given the latest shareholder outburst regarding his offer.

Led by Southeastern Asset chairman and CEO Mason Hawkins, a group go outside shareholders voiced their displeasure at the deal in a letter to the Dell board.

“The Board of Directors appears to have dismissed better alternatives for public owners and selected a transaction, which has been publicly derided by shareholders as opportunistic and grossly undervalued, that favors management," it read.

“We reiterate our demand that the Board of Directors pursue proposals that are more favorable to shareholders.”

Recent developments suggest that the deal won't be a quick one, or easy by any stretch of the imagination.

Question is, can Michael Dell hang onto his baby for much longer? Tell us your thoughts below