TECHNOLOGY : Prime Plans Talk With Suitor MAI

Prime Computer said Tuesday that it will meet with MAI Chairman Bennett S. LeBow for the first time since MAI launched a hostile bid for Prime nearly seven months ago.

Prime, a Natick, Mass., minicomputer maker, also said that, in light of a recently revised offer by MAI, it has rescheduled its annual meeting from June 14 to July 26.

Analysts said the moves are likely a sign that Prime has been unable to come up with a “white knight” bidder or another plan for escaping MAI’s offer. The postponement of the annual meeting, at which time MAI had planned a proxy fight to try to replace Prime’s board, will buy the company more time to find an alternative to MAI’s offer, analysts said.

Prime said its three-member executive committee will meet with LeBow. A date was not specified.

MAI, a Tustin computer maker, launched a bid of $1.3 billion, or $20 per share, for Prime in November. The takeover bid has been stalled much of the time since by various legal challenges thrown up by Prime.

After Prime challenged MAI to show that it could obtain financing for the deal, MAI lowered its bid last week to a combination of cash and securities. MAI values the new bid at $19.50 per share, although several analysts have estimated the value at about $17 to $18.