Bell Atlantic Declares Quarterly Dividend
June 27, 1997
PHILADELPHIA, Pa. - The Board of Directors of Bell Atlantic Corp.
(NYSE: BEL) late yesterday declared a regular quarterly dividend of
$.74 per outstanding common share, payable August 1, 1997, if the
company's merger with NYNEX is not completed by the close of business
on July 10, 1997.
If the merger has been completed by that time, the board declared, the
quarterly dividend will increase by $.03 to $.77 per outstanding
common share, payable August 1, 1997.
In either case, the dividend will be payable to shareowners of record
at the close of business on July 10, 1997. The company has
approximately 843,000 registered shareowners and approximately 438
million shares of common stock outstanding. Upon the merger, Bell
Atlantic will have approximately 1.3 million registered shareowners
and approximately 776 million shares of common stock outstanding.
It was previously announced that under the terms of the merger
agreement, the quarterly dividend was expected to rise to $.77, an
annualized rate of $3.08. Separately, on March 25, 1997, the company
announced a dividend increase of $.02.
Bell Atlantic Corp. (NYSE: BEL) is at the forefront of the new
communications, entertainment and information industry. In the
mid-Atlantic region, the company is the premier provider of local
telecommunications and advanced services. Globally, it is one of the
largest investors in the high-growth wireless communication
marketplace. Bell Atlantic also owns a substantial interest in
Telecom Corporation of New Zealand and is actively developing
high-growth national and international business opportunities in all
phases of the industry.
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