Summary
This 8-K filing from Verizon Communications Inc. (VZ) on June 30, 2000, formally announces the consummation of the merger between Bell Atlantic Corporation and GTE Corporation. This landmark transaction created a significantly larger entity in the telecommunications sector, operating under the new name Verizon Communications. The merger involved an exchange of GTE common stock for Bell Atlantic common stock at a ratio of 1.22 Bell Atlantic shares per GTE share, resulting in the issuance of approximately 1,175 million new Bell Atlantic shares. The filing also details the integration of leadership, with the Board of Directors and executive management team being jointly appointed from both former companies, and establishes the new stock ticker 'VZ' on the New York Stock Exchange.
Key Highlights
- 1Consummation of the merger between Bell Atlantic Corporation and GTE Corporation, forming Verizon Communications.
- 2GTE Corporation has become a wholly-owned subsidiary of Bell Atlantic Corporation.
- 3Each GTE common stock share was exchanged for 1.22 shares of Bell Atlantic common stock.
- 4Approximately 1,175 million shares of Bell Atlantic Common Stock were issued in connection with the merger.
- 5The combined company will operate under the new name Verizon Communications, with its stock listed on the NYSE under the symbol 'VZ'.
- 6The Board of Directors of the combined company consists of 16 members, with equal representation from Bell Atlantic and GTE.
- 7Charles R. Lee (formerly of GTE) and Ivan G. Seidenberg (formerly of Bell Atlantic) are appointed as Co-Chief Executive Officers, with Lee also serving as Chairman and Seidenberg as President.