AT&T Stockholders Approve BellSouth Acquisition
21 Juillet 2006 - 11:21PM
PR Newswire (US)
Majority of State Approvals, International Reviews Now Complete SAN
ANTONIO, July 21 /PRNewswire-FirstCall/ -- Stockholders of AT&T
Inc. (NYSE:T) voted overwhelmingly at a special meeting here today
to approve the issuance of common stock to BellSouth shareholders
in connection with AT&T's acquisition of BellSouth Corporation
(NYSE:BLS). The proposal was approved by more than 98 percent of
the votes cast. Earlier today, shareholders of BellSouth voted to
approve the acquisition at a special meeting in Atlanta.
Approximately 97 percent of the shares that were voted approved the
merger. "We appreciate that stockholders of both companies
recognize the benefits the proposed merger offers for customers,
for the company and for the communities we serve," said AT&T
Chairman and Chief Executive Officer Edward E. Whitacre Jr. "And
we're gratified with the regulatory approvals we have received to
date. We are confident that the remaining state and federal
agencies will also recognize that the merger will create a company
that is better positioned to deliver the types of next-generation
communications services customers want and deserve." In addition to
approvals by AT&T and BellSouth stockholders, the two companies
have now received clearance from regulators in all three foreign
countries requiring a review as well as from 14 of the 18 U.S.
states where they have filed for approval. Reviews continue in four
other states and at the U.S. Department of Justice and the Federal
Communications Commission. The companies expect to complete the
merger this fall. Together, under one brand, AT&T, BellSouth
and Cingular would be better able to bring residential and business
customers innovative wireless, video, voice and Internet services.
It would do so by leading the industry evolution to Internet
Protocol (IP) technologies and creating a single wireless and
wireline network that would offer communications and entertainment
services that customers can use where, when and how they wish.
Consumers who are seeking a real alternative to dominant cable
companies should see faster deployment of next-generation video
services as a result of AT&T's groundbreaking entry into IPTV
and the unparalleled research and development work under way at
AT&T Labs, coupled with BellSouth's extensive deployment of
fiber networks. Business customers in the southeastern United
States and across the country stand to benefit from the expertise
and innovation of AT&T Labs, as well as the combination of
AT&T's state-of-the-art national and international networks and
advanced services with BellSouth's local exchange and broadband
distribution platforms and expertise. Whitacre pledged to maintain
BellSouth's current level of charitable giving and its historic
position as a prominent corporate citizen in the Southeast, just as
it has done in the communities where AT&T has traditionally
operated. "AT&T has long supported local communities and the
initiatives that are important to them, whether it's in the area of
philanthropy, community involvement or economic development," he
said. "We will continue BellSouth's historic levels of giving and
its community activities throughout its nine- state area." Upon
closing, BellSouth will merge with a subsidiary of AT&T, and
each share of BellSouth will be converted into 1.325 shares of
AT&T common stock. About AT&T AT&T Inc. is one of the
world's largest telecommunications holding companies and is the
largest in the United States. Operating globally under the AT&T
brand, AT&T companies are recognized as the leading worldwide
providers of IP-based communications services to business and as
leading U.S. providers of high speed DSL Internet, local and long
distance voice, and directory publishing and advertising services.
AT&T Inc. holds a 60 percent ownership interest in Cingular
Wireless, which is the No. 1 U.S. wireless services provider with
55.8 million wireless customers. Additional information about
AT&T Inc. and AT&T products and services is available at
http://www.att.com/ . Cautionary Language Concerning
Forward-Looking Statements Information set forth in this news
release contains financial estimates and other forward-looking
statements that are subject to risks and uncertainties, and actual
results may differ materially. A discussion of factors that may
affect future results is contained in AT&T's filings with the
Securities and Exchange Commission. AT&T disclaims any
obligation to update or revise statements contained in this news
release based on new information or otherwise. DATASOURCE: AT&T
Inc. CONTACT: Dave Pacholczyk of AT&T Inc., +1-210-351-2178,
Web site: http://www.att.com/
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