Aydin Corp. shakes up its board

Article Abstract:

Aydin Corp. reorganizes its board of directors as part of a settlement with an opposing shareholders' group. The deal, which involves the resignation of Nev A. Gokcen and Ira Brind from the board, may lead to the sale of the Horsham, PA-based communications technology company. The departures come after the Sept. 1, 1998 resignation of John F. Vanderslice as president and chief operating officer. The major shareholders group, which calls itself Full Value Committee, requested for replacements for the two board members as a condition for the company's sale. The dissident group constitute 11.9% of Aydin's stock.

Comment:

Reorganizes its board of directors as part of a settlement with an opposing shareholders' group

Communications Equipment Manufacturing, Communications Equipment, Stockholder data, Telecommunications equipment, Aydin Corp. (Horsham, Pennsylvania)

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Bell Atlantic, GTE confirm $53 billion deal

Article Abstract:

Bell Atlantic and Stamford, CT-based GTE Corp. formally announced their intention to merge under a $53-billion deal that would create the country's largest cellular provider. Under the proposed tax-free deal, Bell Atlantic would give 1.22 shares of its stock for every GTE stock. GTE chairman and chief executive officer, Charles R. Lee, would become the chairman and co-CEO of the yet-to-be-named merged firm, while Bell Chief executive Ivan Seidenberg would become president and co-CEO. Bell Atlantic and GTE's merged company, which will be based in New York, would have over 250,000 employees.

Comment:

Along w/ Bell Atlantic Corp, formally announces plan to merge under $53-bil deal that would create US' largest cellular provider

Connecticut, New York, GTE Corp.

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Bell Atlantic and GTE consider combining forces

Article Abstract:

Bell Atlantic Corp. plans to merge with GTE Corp. in a deal which would be worth as much as $55 billion. The merger between the two companies would create a company controlling a third of US' local telephone market, as well as an extensive cellular network. The deal would give Bell Atlantic an instant pool of long-distance customers which is presently served by GTE. However, before the deal can be realized, Bell Atlantic still has to prove to regulators that the deal is geared at encouraging local phone-service competition in its service areas.

Comment:

Plans to merge with GTE in a deal which would be worth as much as $55 billion

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