Verizon Communications Inc. (VZ) has announced that it will spin off shares of its subsidiary,
New Communications Holdings Inc. (SPINCO), which will simultaneously merge into Frontier
Communications Corporation (FTR). VZ Common Shareholders will be entitled to receive the
Frontier Communications Corporation (FTR) merger consideration Common Shares. The distribution
ratio is approximately .238 FTR Common Shares per VZ Common Share. The record date is
June 7, 2010; the mail date is July 7, 2010. The New York Stock Exchange (NYSE) has set
July 2, 2010 as the exdistribution of the distribution. The NYSE has determined due-bills for
the FTR distribution must accompany each VZ Share delivered after June 7, 2010 in settlement
of VZ transactions made prior to the ex-date. Frontier Communications Corporation Common
Shares are currently trading when issued on the NYSE under the symbol FTR WI.
This action will be coordinated with the Options Clearing Corporation.
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