BunLengthHotDog
Senior member
AT&T acquires Bellsouth
Mar 6, 6:36 AM EST
SAN ANTONIO (AP) -- AT&T (T) on Sunday announced plans to buy Bellsouth (BLS) for $67 billion in stock, about an 18% premium over Bellsouth's current share price, and assume about $22 billion in debt
The Bell Telephone System was broken up by court decree in 1984. At the time, AT&T was carved out and set aside as an independent long-distance carrier. Seven regional Bells were also created and given control of the nations local phone markets. With the Bellsouth deal, four of the seven Bells --- plus AT&T-- would make up the company known as AT&T. Two more, plus GTE and MCI, belong to Verizon
In a rare glimpse indide the discussions that take place for such a "mega-merger", AT&T Chairman & CEO Ed Whitacre and Bellsouth Chairman and CEO Duane Ackerman have disclosed the transcripts of their meeting to discuss the formation of the new company
Whitacre : Rise, my friend
Ackerman : The Death Star will be completed on schedule
Whitacre : You've done well, Lord Ackerman
Ackerman : Yes my master, what is thy bidding
Whitacre : Send the fleet of attorneys to the far side of Washington DC, there they will stay until called for.
Ackerman : What of the reports of rebels massing near their local PSC's
Whitacre : It is of no concern. Soon the Rebellion will be crushed, and you will be one of us! Your work here is finished, my friend. Go back to Atlanta and await my orders
In a prepared statement, Whitacre responded on Monday to criticism that the merger of the 2 companies will undermine the last 22 years of regulatory progress and will ultimately result in less consumer choice and higher prices.
Quoting Whitacre "Everything that has transpired has done so according to my design. Your friends, in the cable industry, are walking into a trap. It was I who allowed the FCC to know our biggest threat is the cable companies, I assure you we are quite safe from your pitiful little band. Oh, I'm afraid we will be quite operational when your cable friends arrive. Now witness the power of this FULLY ARMED and OPERATIONAL battle station!"
A spokeman representing independent Internet Service Providers was reached for comment on the story, however the call ended abruptly as he muttered something about looking for a "shield generator" and there being "a great disturbance in the force, like the sound of millions of people crying out at once"
Mar 6, 6:36 AM EST
SAN ANTONIO (AP) -- AT&T (T) on Sunday announced plans to buy Bellsouth (BLS) for $67 billion in stock, about an 18% premium over Bellsouth's current share price, and assume about $22 billion in debt
The Bell Telephone System was broken up by court decree in 1984. At the time, AT&T was carved out and set aside as an independent long-distance carrier. Seven regional Bells were also created and given control of the nations local phone markets. With the Bellsouth deal, four of the seven Bells --- plus AT&T-- would make up the company known as AT&T. Two more, plus GTE and MCI, belong to Verizon
In a rare glimpse indide the discussions that take place for such a "mega-merger", AT&T Chairman & CEO Ed Whitacre and Bellsouth Chairman and CEO Duane Ackerman have disclosed the transcripts of their meeting to discuss the formation of the new company
Whitacre : Rise, my friend
Ackerman : The Death Star will be completed on schedule
Whitacre : You've done well, Lord Ackerman
Ackerman : Yes my master, what is thy bidding
Whitacre : Send the fleet of attorneys to the far side of Washington DC, there they will stay until called for.
Ackerman : What of the reports of rebels massing near their local PSC's
Whitacre : It is of no concern. Soon the Rebellion will be crushed, and you will be one of us! Your work here is finished, my friend. Go back to Atlanta and await my orders
In a prepared statement, Whitacre responded on Monday to criticism that the merger of the 2 companies will undermine the last 22 years of regulatory progress and will ultimately result in less consumer choice and higher prices.
Quoting Whitacre "Everything that has transpired has done so according to my design. Your friends, in the cable industry, are walking into a trap. It was I who allowed the FCC to know our biggest threat is the cable companies, I assure you we are quite safe from your pitiful little band. Oh, I'm afraid we will be quite operational when your cable friends arrive. Now witness the power of this FULLY ARMED and OPERATIONAL battle station!"
A spokeman representing independent Internet Service Providers was reached for comment on the story, however the call ended abruptly as he muttered something about looking for a "shield generator" and there being "a great disturbance in the force, like the sound of millions of people crying out at once"
