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Article: Kings Road Entertainment, Inc. Announces Pending Acquisition.
- Article from:
- PR Newswire
- Article date:
- November 10, 1998
CopyrightCOPYRIGHT 1998 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LOS ANGELES, Nov. 10 /PRNewswire/ -- Kings Road Entertainment, Inc. (Nasdaq: KREN) ("the company") announced that they have acquired twenty percent (20%) of the common stock of Immediate Entertainment Group, Inc. (OTC Bulletin Board: IEGP), in a private transaction at a price of $2.50 per share. The acquisition was completed with a combination of stock and cash.
The Company has also entered into a non-binding Letter of Intent with Immediate Entertainment Group, Inc. pursuant to which Immediate Entertainment Group, Inc. will merge 100% of the company into a newly formed, wholly owned subsidiary in a proposed tax-free transaction. The merger is conditioned upon ...