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Technology / AI and automation

MAI CUTS BID FOR PRIME TO $19.50

MAI Basic Four Inc yesterday lowered its bid for Prime Computer to $19.50 a share and limited it to the primary shares out. It also said it has firm commitments for funds to complete the offer, refinance debt and provide working capital: $400m from Canadian Imperial Bank of Commerce, $300m from Merrill Lynch & Co, $550m from Drexel Burnham Lambert, $150m from Brooke Partners LP; it is conditional on Prime’s recommendation; Prime did not respond by press-time.

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CBR Staff Writer

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