Board approves, GTE+BA merger.Should be positive for ASND, since GTE and BA both use ATM from ASND. Industry consolidation is playing into ASND's hands. Any other thoughts on this one.
July 28, 1998
Bell Atlantic and GTE Boards
Approve Plans for a Merger
Stock Swap of $55 Billion Could Snag
Over Curbs Covering Long Distance
By JARED SANDBERG and STEVEN LIPIN
Staff Reporters of THE WALL STREET JOURNAL
NEW YORK -- The boards of Bell Atlantic
Corp. and GTE Corp. approved a $55 billion
stock swap, bringing together GTE's local,
long-distance, wireless and Internet offerings
with Bell Atlantic's local and wireless phone
service.
In order to do a "no premium" merger of
equals, GTE appears to have agreed to a
price that was slightly below Friday's closing
stock price of $57.9375 a share, though the
exact per-share offering couldn't be learned.
Monday, after The Wall Street Journal
reported that the price may be below the
current stock price, shares of GTE slid 4% to
$55.75, down $2.1875, while Bell Atlantic
shares fell to $45, down 18.75 cents.
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