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AT&T votes TCI merger
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February 17, 1999: 9:45 a.m. ET
AT&T shareholders approve $48B telecom deal; TCI holders vote next
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NEW YORK (CNNfn) - AT&T shareholders voted overwhelmingly Wednesday to approve the company's $48 billion merger with Tele-communications Inc. (TCI), leaving only a few key steps before the companies' union can proceed.
Approximately 99 percent of all voted AT&T (T) shares favored the merger, AT&T said. The figure indicates a 72 percent majority of all outstanding shares, a company record for any shareholder vote.
"Our shareholders have voted overwhelmingly in support of the AT&T and TCI merger and the benefits it will bring," Chairman C. Michael Armstrong said. "The merger is the key to making AT&T the 'any distance' company we need to be and our customers want us to be."
Armstrong said the combined companies will be able to bring direct broadband connectivity to homes, laying the groundwork for delivery of a wide range of data and communications services.
The deal already has received regulatory approval from the Justice Department and nearly all required state and local governments.
Other than TCI (TCOMA) shareholder approval -- expected later Wednesday at a special meeting in Englewood, Colo. -- the companies now only need to receive approval from the remaining local governments, the state of California and the Federal Communications Commission.
The companies expect the merger to close in the first quarter.
AT&T shares slid 1/8 to 84-1/2 in opening Wednesday trading, while TCI shares inched up 1/16 to 63-9/16. 
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