MAI Basic Four of Tustin said it...
MAI Basic Four of Tustin said it has secured key financing commitments for its proposed hostile takeover of Prime Computer. MAI said Merrill Lynch & Co. has committed up to $325 million for MAI’s tender offer for Prime, or up to $337 million if the merger is completed. Toronto-based Canadian Imperial Bank of Commerce has committed an additional $325 million. The remainder of the financing is supposed to come from high-yield “junk bonds†arranged by Drexel Burnham Lambert, but MAI is still negotiating a final agreement with the investment banking firm. MAI is trying to acquire Prime for $970 million.
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