Oceanport, New Jersey-based Concurrent Computer Corp and Harris Computer Systems Corp of Fort Lauderdale have radically restructured their proposed alliance after a steep rise in the value of the latter’s shares compared with those of the former. Harris Computer will now sell its real-time computing business and about 230,000 shares to Concurrent in exchange for about 10m shares of Concurrent common and $10m Concurrent preferred stock, and will concentrate all its efforts on its secure computing systems business. The preferred stock carries a 9% coupon and is convertible into Concurrent common at $2.50 a share. Following the transaction, Concurrent shareholders would hold about 75% of the enlarged Concurrent, with the balance owned by Harris. Harris shareholders will have about 90% of Harris with Concurrent holding the remainder.
