BELL ATLANTIC DIRECTORS APPROVE NYNEX MERGER.Byline: The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times Bell Atlantic's directors voted on Saturday to merge with Nynex, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. several people familiar with the discussions. The combination of the two regional Bell operating companies The Regional Bell Operating Companies (RBOC) are the result of the U.S. Department of Justice antitrust suit against American Telephone & Telegraph. History would create the nation's second-largest telephone company after AT&T. Although Nynex's board still must vote on the merger, people close to the companies said Saturday that they expected it to be approved. The Bell Atlantic Corp. and the Nynex Corp. hope to announce the deal at a news conference in New York on Monday. Saturday's vote came after several hours of discussion. But one person familiar with the meeting said the length of the deliberations should not be taken as an indication that they were rancorous ran·cor n. Bitter, long-lasting resentment; deep-seated ill will. See Synonyms at enmity. [Middle English, from Old French, from Late Latin, rancid smell, from Latin . People familiar with the company said Bell Atlantic's directors had already been extensively briefed on the talks. Because of the size of the deal, board members wanted ample time to go over the legal, financial, and management details. A merger of Bell Atlantic and Nynex would rank as one of the largest corporate deals in history - creating a communications colossus Colossus - (A huge and ancient statue on the Greek island of Rhodes). 1. Maine, U.S. battleship destroyed (Feb. 15, 1898) in Havana harbor by an explosion that killed 260 men. The incident helped precipitate the Spanish-American War (Apr., 1898). Commanded by Capt. Charles Sigsbee, the ship had been sent (Jan. to Virginia. Under the terms of the merger, shareholders of Bell Atlantic and Nynex would swap their shares for shares in the new company. People close to the deal said investors would transfer their shares at a ratio of roughly six shares of Bell Atlantic for every five shares of Nynex. |
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