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  1. <text id=90TT1925>
  2. <title>
  3. July 23, 1990: Business Notes:Mergers
  4. </title>
  5. <history>
  6. TIME--The Weekly Newsmagazine--1990               
  7. July 23, 1990  The Palestinians                      
  8. </history>
  9. <article>
  10. <source>Time Magazine</source>
  11. <hdr>
  12. BUSINESS, Page 61
  13. Business Notes
  14. MERGERS
  15. Dialing for Deals
  16. </hdr>
  17. <body>
  18. <p>     Some of the busiest telephone lines these days are those
  19. between phone-company executives putting together mergers. Last
  20. week the circuits were jammed, as giant GTE announced plans to
  21. acquire Atlanta-based Contel for $6 billion and form the
  22. nation's largest provider of local service and second-largest
  23. cellular-phone company. A shadow was cast over the agreement,
  24. however, when the Securities and Exchange Commission filed
  25. suit, charging that insiders had bought Contel stock before the
  26. accord was announced.
  27. </p>
  28. <p>     Last December McCaw Cellular Communications agreed to
  29. acquire New York City-based LIN Broadcasting for $3.4 billion.
  30. Then in February Contel vaulted from 13th to sixth among
  31. cellular companies by acquiring McCaw's Southeastern operations
  32. for $1.3 billion. After the GTE announcement, investors snapped
  33. up stocks of other likely merger candidates, including Southern
  34. New England Telecommunications, Lincoln Telecommunications and
  35. Rochester Telephone.
  36. </p>
  37.  
  38. </body>
  39. </article>
  40. </text>
  41.  
  42.