NEW YORK-AT&T Corp., New York, will distribute AT&T Wireless shares to AT&T common stockholders at a ratio of 0.3281 of a share of AT&T Wireless for each outstanding AT&T share, the company said June 25.
AT&T, which had approximately 3.531 million shares of common stock outstanding on June 22, will distribute approximately 1.137 million shares of AT&T Wireless stock. In the distribution, scheduled for July 9, owners of AT&T common stock will receive whole shares of AT&T wireless common stock and cash payments for fractional shares.
At the same time, AT&T will redeem all AT&T Wireless tracking stock shares and convert them into common stock of AT&T Wireless common stock on a one-for-one basis.
The board of directors also has declared a special stock dividend of AT&T Wireless Stock to be paid July 9 to AT&T common stockholders of record as of June 22.
