NYNEX shareowners overwhelmingly approve merger with Bell Atlantic
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NEW YORK--November 6, 1996--NYNEX's shareowners have approved the corporation's proposed merger with Bell Atlantic by a resounding margin.
The results, announced today at a special shareowners meeting in New York City, show that more than 96 percent of the shares voted as of Nov. 5 support the merger. Approximately 76 percent of the shares outstanding as of Sept. 9, the record date for the vote, have been voted. A simple majority of the outstanding shares is required for approval. A precise final tally will be completed in several weeks.
NYNEX Chairman and Chief Executive Officer Ivan Seidenberg said of the results, "Our shareowners clearly understand the future of our business. They recognize that this merger is the best way for NYNEX to serve customers, accelerate growth and deliver value in a global communications marketplace, and we're gratified by such overwhelming support.
"The new Bell Atlantic," he said, "will have the size, scale and scope to create a brand that can compete with other national and global brands; the resources to invest in new infrastructure and services, and the ability to attract the right partners for domestic and international ventures."
Seidenberg noted that even before the merger was announced in April, NYNEX had strengthened its commitment to local customers and taken major steps to handle record growth and raise the level of service. "Over the past eight months we've hired 2,000 additional service employees and increased our investment in New York and New England by $200 million a year, and we're seeing significant improvement in service results," he said.
He also noted that NYNEX is leading the industry in opening its local marketsto competition so as to offer long distance service within its region.
Seidenberg said NYNEX and Bell Atlantic expect to close their deal well within their 12-month timetable. Bell Atlantic is holding its special shareowners meeting Friday, Nov. 8, in Richmond, Va., and reviews by the U.S. Department of Justice, the Federal Communications Commission and state regulatory commissions are expected to be completed by early next year.
NYNEX (NYSE:NYN) and Bell Atlantic (NYSE:BEL) announced their merger agreement on April 22, 1996. Their new company, to be called Bell Atlantic and headquartered in New York City, will be the nation's second-largest communications company, with nearly $28 billion in 1995 revenues, and one of the top five such companies in the world.
The new Bell Atlantic will compete in the communications-intensive marketplace of the Eastern Seaboard and in high-growth markets elsewhere in the U.S. and around the world. The company will offer a full array of local and long distance telecommunications services and video, Internet access and informationservices. The new Bell Atlantic will also be one of the world's largest providers of wirefree communications services, with more than 4.4 million customers in the United States and abroad.
NYNEX is a global communications and media company 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, Slovakia and the Czech Republic.
The Corporation is a leader in the telecommunications, wireless communications, cable television, directory publishing and entertainment and information services.
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