Businessland Inc, San Jose, has a rival suitor to JWP Inc in the shape of privately-held Computerland Corp, Pleasanton, California, but Businessland is urging shareholders to accept the agreed offer from JWP, which expires today. ComputerLand’s offer is $1 in new ComputerLand shares for each Businessland share oustanding and either 45 cents on the dollar or the equivalent in ComputerLand shares for the bondholders. The rejection left ComputerLand saying it was disappointed at the Businessland response and that it is interested in proceeding but only on a friendly basis directly with Businessland. Businessland’s shares were trading at 81 cents, up 6 cents on Wednesday night. A drawback to any ComputerLand offer is that the company’s shares are not traded, although it is still considering going public, as it has been for the past three or four years. JWP’s $50m-plus offer is $1 a share cash and 35 cents on the dollar for the bonds.
