P.M. BRIEFING : MAI Basic Cuts Prime Computer Bid
MAI Basic Four Inc., which has been trying to take over much-larger Prime Computer Inc. since November, reduced its bid today by $25 million.
Tustin-based MAI, controlled by New York investor Bennet S. LeBow, said its revised offer will expire June 14, the scheduled date of Prime’s annual shareholders meeting.
At the same time, MAI said it has gotten firm commitments to finance its offer, now valued at $965.6 million. Prime had said previously it would drop its “poison pill” takeover defenses if MAI obtained financing for the original $20-a-share bid.
Prime issued a statement saying it had “reservations” about the revised offer but was not prepared to comment further.
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