MAI Extends Offer, Says 72.6% of Prime Shares Are Tendered
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MAI Basic Four said Tuesday that 72.6% of Prime Computer’s common stock outstanding has been tendered under its $970-million takeover offer for Prime.
At the same time, the company extended its offer until midnight EST on Feb. 15.
As of midnight Monday, 33 million Prime common shares had been surrendered, together with 1.9 million shares already owned by MAI and an affiliate.
MAI has said its offer is contingent upon at least 67% of Prime’s 61.8 million common shares and equivalents being tendered. When all types of Prime shares are taken into account--including bonds convertible into stock--only 57% of Prime’s shares have been tendered.
MAI, a Tustin computer company, launched its $20-a-share buyout offer on Nov. 15. Prime, a Natick, Mass., minicomputer manufacturer, has strongly resisted the offer.
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