Computercraft Inc. has granted Businessland Inc. an...

Computercraft Inc. has granted Businessland Inc. an option to buy up to 32% of its outstanding common stock in case their merger agreement is threatened by an outside bidder, according to a filing with the Securities and Exchange Commission. Under the proposed merger, which still needs regulatory and shareholder approval, each Computercraft common share will be exchanged for 0.33 shares of Businessland, a San Jose marketer of business automation systems. Houston-based Computercraft granted Businessland an option to buy 2.5 million authorized but unissued common shares at $2.37 each.