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Technology Stocks : SBC Communications -- Ignore unavailable to you. Want to Upgrade?

To: Robert Voigt who wrote (31)	1/5/1998 9:30:00 PM
From: Robert Voigt	Respond to of 216

Anyone have any comments on the announced merger with Southern New England Telecom? I noticed that SBC took a hit today. Is that possibly a reflection that they are paying too high a premium?

To: Robert Voigt who wrote (31)	1/31/1998 12:10:00 AM
From: Leonase;	Read Replies (1) \| Respond to of 216

For the Investors: This message is posted today on www.sbc.com news internet site. SBC Announces Two-For-One Stock Split,Dividend Increase San Antonio, Texas, January 30, 1998 SBC Communications Inc. (NYSE: SBC) today announced that its Board of Directors approved a two-for-one split of its common shares and a dividend increase of 4.5 percent. SBC has raised its dividend every year since its stock began trading in 1983. Shareowners will receive one additional common share for every share owned as of Feb. 20, 1998, marking SBC's third stock split in 11 years. The split will be effected in the form of a one-time stock dividend. The shares will be issued March 19, 1998. The dividend increase will apply to shareowners of record as of April 10,1998, the normal record date for this dividend, and will be paid May 1,1998. Both moves represent continued confidence in SBC's strong market positions, as well as its ability to turn growth opportunities into long-term shareowner value. "SBC has built strong momentum in our core businesses and from our successful merger with Pacific Telesis," said Edward E. Whitacre Jr., SBC chairman and chief executive officer. "As we move forward, we're encouraged by our solid track record, our strong market positions and management team, and that's reflected in our ability to deliver value to our shareowners through these efforts." As a result of the stock split, the exchange ratio for the recently announced merger with Southern New England Telecommunications Corp. will double from 0.8784 to 1.7568 shares of SBC common stock for each share of SNET common stock. SBC's quarterly dividends will increase from $0.4475 to $0.4675 for each pre-split share, or $1.87 on an annual basis. Adjusted for the stock split, the new quarterly dividend will be $0.23375 per share, or $0.935 annually. In other board action today, Toni Rembe, Esq., was named to the SBC Board of Directors. Rembe, a partner with the San Francisco law firm Pillsbury, Madison & Sutro, had served as an Advisory Director on the board since April 1997.