Alltel confirms plan to buy 360 in stock deal

Article Abstract:

Alltel confirmed its acquisition of 360 Communications in a multibillion-dollar stock deal that would create a regional phone company with wireless and local-telephone properties spanning Pennsylvania to Florida. The new Alltel would encounter stiff competition from Bells GTE, AT&T and Sprint's wireless affiliate, Sprint PCS, in a deregulating market that includes carriers crossing into each other's markets. Financial terms call for 360 shareholders to receive 0.74 share of Alltel stock for each 360 share, and Alltel will assume $1.8 billion of 360 debt. Both companies's share values declined on the New York Stock Exchange as of Mar 16, 1998, after the announcement drew cautious shareholder assessment. 360's trade shares fell $4.375, or 12%, to $31.25 in composite trading, and Alltel's shares tumbled 93.75 cents to $44.875. This change valued the deal's stock portion at $33.20 a share, or $4.05 billion.

Company acquisition/merger, Securities, ALLTEL Corp., AT, Company securities, XO, 360 Communications Co.

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WorldCom, MCI face Internet objection

Article Abstract:

The European Commission is expected to demand WorldCom divestment of some Internet holdings in exchange for approval of its proposed merger with MCI, according to some telecommunications executives. Regulators on both sides of the Atlantic object to the current Internet infrastucture of a combined WorldCom-MCI, the executives add. Critics are lobbying the commission to force WorldCom to divest its Internet backbone service provider, UUNet, while European and US phone-company executives say such a move most likely satisfy the issue. The commission, which is examining the matter in closed hearings on May 12-13, 1998, will rule exclusively on the Internet infrastructure by Jul 15. 1998. GTE, Sprint and European firms will be among the phone companies arguing that a WorldCom-MCI merger would impose pricing and and Internet traffic mechanism pricing.

Laws, regulations and rules, Telecommunications regulations, WCOM, European Union. European Commission, Government communications regulation, MCI Inc., MCI Communications Corp., MCIC

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