July 12, 1989 |
Once again, MAI Basic Four Inc., a Tustin computer maker, has extended its $1.1-billion tender offer for Prime Computer Inc. MAI's offer for Prime was recently topped by a New York venture capital firm, and industry analysts have been expecting the firm either to raise its offer or drop its bid. But MAI officials gave no indication Tuesday in which direction the company is heading. MAI has said that it intended to top the rival bid.
August 4, 1989 |
J. H. Whitney & Co., under pressure from its banks, said Thursday that it had entered negotiations to reduce its $1.2-billion offer for Prime Computer Inc. Such a development might open the way for MAI Basic Four Inc. of Tustin to again enter the bidding for Prime, which it began last November and subsequently modified greatly. Whitney said two of its banks asked it to obtain more financing after Prime, a Natick, Mass.-based minicomputer maker, reported a $19-million quarterly loss last week.
August 23, 1989 |
J. H. Whitney & Co. officials announced Tuesday that they expected to complete within 10 days a $1-billion-plus takeover of Prime Computer Inc., which has been battling Tustin, Calif.-based MAI Basic Four's hostile buyout offer and losing money for nearly a year. Whitney partner Russell E. Planitzer said James F. McDonald would be named Prime's new president after the tender offer for 79% of Prime's shares is completed at the annual board meeting Thursday.
July 27, 1989 |
Prime Computer's plan to escape a hostile tender offer ran into a potential snag Wednesday when two banks asked Prime's "white knight," J. H. Whitney & Co., to raise more financing for its $1.4-billion buyout of the Massachusetts computer maker. Prime also postponed its annual meeting for the third time, saying it wanted to give shareholders more time to study a rival offer from MAI Basic Four, a Tustin computer maker.
August 5, 1989 |
The nine-month battle for control of Prime Computer appeared headed to a conclusion Friday when the company's board reluctantly accepted a reduced tender offer from J. H. Whitney & Co. The approval of the cash-and-securities bid--valued by analysts at $1.2 billion, or $18.50 a share--was a blow to MAI Basic Four, a Tustin computer company that has wooed much larger Prime since November. Prime, a Natick, Mass.
July 28, 1989 |
MAI Basic Four gave up Thursday its hard-fought effort to acquire all of Prime Computer but said it would pursue an acquisition of the Massachusetts company's minicomputer division. The announcement winds down a fierce takeover battle begun eight months ago by Tustin-based MAI that has cost the two companies at least $60 million in legal and administrative expenses.