P.M. BRIEFING : MAI’s Chief in Takeover Fight Quits
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Tustin-based MAI Basic Four Inc., which is pursuing a hostile takeover of Prime Computer Inc., said today its president and chief executive officer, William B. Patton Jr., will resign to pursue personal and business interests.
Patton, whose resignation takes effect Sunday, will be temporarily replaced by William Weksel, a member of the board who previously was president.
MAI Basic Chairman Bennett LeBow launched the billion-dollar takeover bid for Natick, Mass.-based Prime in November. MAI Basic is offering $19.50 a share cash for 75% of Prime’s stock, plus securities with a face value of $21 a share for the remaining 25%. The cash portion of the bid is worth $975 million.
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