MAI Basic Four Inc., seeking to comply...
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MAI Basic Four Inc., seeking to comply with a federal judge’s request related to its hostile bid for Prime Computer Inc., said it will begin distributing financial information about Drexel Burnham Lambert, its investment bank, to Prime shareholders. Last month, a federal judge in Boston ordered MAI to provide information on Drexel’s financial situation as the condition for lifting an injunction against MAI’s $1.3-billion tender offer for Prime. The judge has said he will lift the injunction 10 days after MAI mails audited financial information for Drexel for the year ended Dec. 31, 1988. If the injunction is lifted, MAI faces another legal hurdle in Delaware, where a Chancery Court judge has upheld Prime’s anti-takeover plan. MAI has appealed that ruling, and a hearing has been scheduled for May 24.
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