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.