GTE Corporation - Re Merger with Bell Atlantic
May 19 1999 - 5:09AM
UK Regulatory
RNS No 4560u
GTE CORPORATION
19 May 1999
GTE shareholders overwhelmingly approve
GTE/Bell Atlantic merger
GTE shareholders yesterday (18 May 1999) overwhelmingly
approved the company's merger with Bell Atlantic. The vote
was announced at the GTE annual shareholder meeting in
Atlanta.
The company said 96.7 percent of the votes submitted were in
favour of the transaction.
"Our shareholders have given us a resounding vote of
confidence," said GTE Chairman and CEO Charles R. Lee.
"Achieving this significant milestone puts us well on our
way to completing our merger of equals with Bell Atlantic.
In fact, just over a week ago, the US Department of Justice
cleared the merger after an exhaustive review, finding no
competitive issues in our vast combined wireline businesses.
The shareholder approval brings us one step closer to
creating a top-tier telecommunications provider that will
bring new services to millions of consumers."
The company said that approximately 76 percent of the
outstanding shares were voted for the merger, far exceeding
the two-thirds approval threshold required. Today, Bell
Atlantic shareholders will vote on the merger at their
annual meeting in Atlanta.
The merger has won the support of numerous organisations,
including the AFL-CIO, Communications Workers of America,
the International Brotherhood of Electrical Workers, the
League of United Latin American Citizens, Rainbow Push
Coalition, and dozens of businesses and community leaders
from areas served by GTE and Bell Atlantic.
About GTE
With 1998 revenues of more than $25billion, GTE is a leading
telecommunications provider with one of the industry's
broadest arrays of products and services. In the United
States, GTE provides local service in 28 states and wireless
service in 17 states, as well as nationwide long-distance,
directory, and internetworking services ranging from dial-up
Internet access for residential and small-business consumers
to Web-based applications for Fortune 500 companies.
Outside the United States, the company serves customers on
five continents.
END
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