America Online announces it will remain independent
Article Abstract:
America Online Inc.announced on June 17, 1998, its decision to that it would forego the deal to merge with AT & T and remain an independent company. The discussions had not progressed far. One reason for the refusal to merge may have been AOL's and AT&T's plans for the long distance company Tel-Save, which holds exclusive right to sell long-distance services on AOL. AT&T may have balked at buying the small telephone company, above its market value, as well as purchasing AOL. Another reason may have been AOL's chairman's associations with Worldcom, which is to acquire MCI, AT&T's biggest competitor. AOL is a major customer of Worldcom.
Comment:
America Online rejects acquisition offer from AT&T
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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Two phone giants reported merging in $52 billion deal
Article Abstract:
GTE Corp., the largest independent local and long-distance telephone company in the country, will be acquired by Bell Atlantic Corp. for $52.8 billion in stock, subject to the approval of government regulators, after the boards of each company voted in favor of the acquisition. The new company, which will be based in New York and have more than 62 million customers and about 255,000 employees, will be capable of competing in local phone markets as well as speeding up implementation of expensive high-speed Internet services.
Comment:
Acquires GTE Corp. for $52.8 bil in stock
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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Qwest expected to announce new senior management team
Article Abstract:
Qwest Communications International Inc. is planning to unveil its new senior management team as it prepares to conclude its $4.4 billion takeover of LCI International Inc. The majority of LCI's leading executives will stay on with Qwest. The acquisition has been approved by federal regulators. The deal is contingent upon the approval of both companies' shareholders.
Comment:
Qwest plans to unveil new senior management team as it prepares to conclude its $4.4 billion takeover of LCI International Inc.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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