GTE Message Board - Msg: 1345986

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Technology Stocks : GTE

GTE 4.420

-0.6%

3:59 PM EST

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To: DWB who wrote (78)	5/6/1997 2:00:00 PM
From: Jerry Held	of 671

Tuesday May 6 1:18 PM EDT GTE Corp sees $34 bln company in 2001 - CEO NEW YORK, May 6 (Reuter) - GTE Corp's proposed merger with BBN Corp should result in a "market leading telecommunications Company" with revenues of between $34 and $38 billion by the year 20001, chief executive Charles Lee said Tuesday. That is based on the companies' current plans and projections, he told a news conference called to discuss the merger proposal announced earlier by GTE and BBN. GTE had 1996 revenues of 21.34 billion, while BBN's totaled $234.3 million. "We are going to be a market leading telecommunications company," Lee said. "The network -- BBN's and ours (combined -- will be) a significant force in all 50 states." The companies could not comment on when they expect the deal to be completed. In a proposal valued at $616 million, GTE will pay $29 per share for BBN. BBN Chairman and Chief Executive Officer George Conrades is expected to remain with the company. "The intent is I would join GTE," conrades told Reuters at the news conference, noting he cannot say specifically what will happen until the deal is complete. The companies do not expect any layoffs as a result of the merger, conrades said. "That's one of the attractions," he added. "Its a combination of piece parts. Its a pretty clean fit."

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