P.M. BRIEFING : Whitney-Prime Takeover Near

J. H. Whitney & Co. officials announced today that they expect to complete within 10 days a $1.25-billion takeover of Prime Computer Inc., which has been battling a hostile buyout and showing losses for nearly a year.

Whitney partner Russell E. Planitzer said James F. McDonald will be named Prime’s new president after the tender offer for 79% of Prime’s share is finalized at the annual board meeting and a Boston accounting firm has prorated the shares. A new board will also be installed when the deal is complete, he said.

Prime, a Natick-based minicomputer maker, had been seeking an ally against a $1.13-billion hostile bid from MAI Basic Four Inc. of Tustin, Calif., when Whitney, the nation’s oldest venture capital firm, came forward in June.