When reports of Microsoft's desire to be involved in Dell's leveraged buyout surfaced, we speculated that the software giant would want to be involved in the PC manufacturer's business and argued that this might be contrary to the very goals underlying Dell's plan to go private.

So it has come to pass, with the Wall Street Journal reporting that Microsoft's role is a "sticking point" in negotiations. It turns out that Redmond wants more than just an investment for the $2 billion or more that it's paying—it wants a say in how the company is run. According to one of the people involved, "under one scenario being discussed, Dell would agree to use Microsoft's Windows software to power the vast majority of its devices."

Given that this is how Dell already operates, it appears that Microsoft may be trying to prevent any radical reorganization or departure from the PC market. A desire to substantially alter the way the company does business, including breaking its dependency on PC sales, is believed to underpin Dell's desire to go private in the first place.

The deal is reported to still be on track, however, and a formal announcement could be made in the next few days.