Prime Computer Inc reluctantly advised shareholders to accept a lowered $20-a-share offer from J H Whitney & Co for up to 49.5m of its shares after Whitney said it could not get financing for more. It’s original bid had been $21.50 for that number of shares. Whitney will swap $22m face amount of 15.5% senior subordinated debentures due 2001 for the 13m remaining Prime shares out. Prime said its board was very disappointed at the lower bid, but reckoned it was still the best option; to give holders time to consider it put its annual meeting back again: it’s now August 24.
