Bell Atlantic Corp - Further re FCC Approval
03 Mai 2000 - 3:53PM
UK Regulatory
RNS Number:8430J
Bell Atlantic Corp
1 May 2000
Contacts: John Killian: 212-395-1152
George Lieb: 972-507-2462
Bell Atlantic and GTE Make Additional Filing with FCC
Bell Atlantic and GTE made an additional filing with the Federal Communications
Commission Friday in the interest of obtaining prompt approval of their proposed
merger.
In the filing, the companies modified portions of their proposal to separate
Genuity into a separately owned and controlled company. Under the proposal, the
merged company would have an option to own up to 80 percent of Genuity after
receiving appropriate long distance approvals.
The modifications would:
- alter the merged company's rights as a minority shareholder in Genuity;
- change investor safeguards to further ensure that Genuity may carry out its
business plan as described in its registration statement without seeking
approvals from the merged company;
- modify the makeup of the board to give greater assurances of an independent
board of directors at Genuity.
The companies also made several minor corrections to the set of market-opening
conditions they proposed on April 14.
The companies said they are confident that their filing addresses any remaining
concerns raised during the FCC's consideration of their merger proposals. The
companies aim to close the merger in the current quarter.
The FCC established a comment period on the filing ending Friday, May 5, and a
reply period ending Tuesday, May 9.
The filing is available at the FCC's website (www.fcc.gov).
END
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