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July 15, 1990

CONTEL ACCEPTS GTE TERMS

By CBR Staff Writer

Contel Corp took little time to accept GTE Corp’s share exchange proposal in principle and the two companies expect to thrash out a definitive merger agreement in a few weeks. The combination would create a local local telephone service operator right up there with the Baby Bells – some versions say it would be the biggest, others say it would be fourth behind Bell Atlantic, BellSouth, Ameritech and Nynex; it would also have a cellular telephone business with franchises covering a population of 50m, making it number two to McCaw Cellular Communications Inc. Adding in Contel’s $3,100m turnover would take GTE to just past the $20,000m mark.

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