It begins to look as if the general reaction that the MAI Basic Four Inc bid for Prime Computer Inc was absurd may have caused Prime, its advisors and the market in general to underestimate the threat to the Natick minimaker from the small Tustin, California company, and MAI is getting dangerously close to the number of acceptances it needs to win the day – if the courts will allow it: the bid, which was due to expire on Friday, has been extended to midnight on January 30, and that it now has acceptances for 70.9% of Prime’s shares outstanding, although that is still below the total it needs; MAI also said that it will send out additional information on financing for its $20-a share tender this week, giving more detail on the relationship between MAI and financial advisor Drexel Burnham Lambert Inc, and that it reckons the new data will fully satisfy the disclosure issues raised in Prime’s Massachusetts court order.
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