CONTACT: David Frail, 212/395-0500
Nynex Declares Quarterly Dividend
NEW YORK--The board of directors of NYNEX Corporation (NYSE:NYN)
today approved payment of the regular quarterly dividend of $0.59 per share, unchanged
from the previous quarter. The dividend is payable on Aug. 1, 1997 to shareowners
of record at the close of business on July 10, 1997. There are approximately 440
million NYNEX common shares outstanding.
If the proposed NYNEX-Bell Atlantic merger is completed at or before the close of
business on July 10, then, in accordance with the terms of the merger agreement,
NYNEX shareowners will receive .768 of a share of Bell Atlantic common stock in exchange
for each share of NYNEX common stock. And, instead of the NYNEX dividend, they will
receive the Bell Atlantic quarterly dividend of $0.77 per share, as announced today
by Bell Atlantic, on their new Bell Atlantic shares. As a result, their dividend
payment will be equivalent to what they would have received from the NYNEX dividend
of $0.59 per share.
NYNEX is a global communications and media corporation that provides a full range
of services in the northeastern United States and high-growth markets around the
world, including the United Kingdom, Thailand, Gibraltar, Greece, Indonesia, the
Philippines, Poland, and the Czech and Slovak republics. The corporation is a leader
in telecommunications, wireless communications, directory publishing and video entertainment
and information services. NYNEX is also managing sponsor of FLAG -- Fiberoptic Link
Around the Globe -- the world's longest undersea fiber optic communications cable.
NYNEX news releases are available on the Internet at http://www.ba.com/nr/pastnews.html
or via fax for no charge at 1-800-331-1214.