The merger talks between Bell Atlantic Corp and Nynex Corp have cooled according to Dow Jones & Co, which reports that the two Bells are now negotiating to form a joint venture to enter the long-distance business, rather than going straight to a full merger. The news wire quotes people familiar with the talks and says that Bell Atlantic may be balking at the lofty price of Nynex’s shares of late. On Wednesday, Nynex shares rose $3.875, or 7%, to close at $59.25; Bell Atlantic rose $1.75 to close at $72.375. Since disclosure of the merger talks in mid-December, Nynex’s shares have jumped 19%, while Bell Atlantic’s share price has risen only 5%.
