Comet Enterprises to Buy Super Market Video
BILLINGS, Mont. — Comet Enterprises Inc. said it intends to acquire Super Market Video Inc. of Century City.
In the transaction Comet would acquire all of the 32.91 million outstanding shares of SMV in exchange for about 6.71 common shares of Comet. The exchange is subject to shareholder approval of both companies and other conditions.
In addition to the exchange, an affiliate of SMV has agreed to provide Comet a $1-million line of credit at a 10% fixed rate of interest subject to certain deferral of interest and a term of three years.
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