David Lee, chairman and chief executive of Qume Corp, Milpitas, California is proposing to take the company private in partnership with Wearnes Technology (Pte) Ltd of Singapore. Lee has signed a letter of intent with Wearnes to form an entity or entities to make an offer for Qume, with the Singapore company arranging financing on behalf of the group which Lee expects will enable an offer to be made at a price of up to $6.50 per share. Other members of Qume management and some other employees are also expected to participate in the acquisition. Lee and Wearnes and its affiliates presently hold about 22% of the firm, which makes Qume printers, terminals and supplies and Data Technology disk controllers, chip sets and high-capacity floppy disk drives.
