Finance History | 11 Wall Street — Twenty-Three Fifty for Twenty-Nine Million Tower Shares Called AMT
· 1998-7
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Finance History | 11 Wall Street — Twenty-Three Fifty for Twenty-Nine Million Tower Shares Called AMT
kevin
People treat American Tower as a Boston REIT that always printed AMT on the New York tape.
The 1998 issuer was still American Tower Systems, being separated from American Radio Systems as CBS bought the radio book.
The company's 2 July 1998 release recorded a public offering of 29,374,911 Class A shares at 23.50 dollars a share.
Of that total, 25,500,000 shares were sold by the company and 3,874,911 by selling stockholders, with an underwriter option for another 2,361,987 shares.
The same release listed the book on the New York Stock Exchange under AMT.
RCR Wireless, in mid-July 1998, recorded that the stock had traded over the counter until this sale and that the company then owned or operated more than 1,800 towers in 44 states and the District of Columbia.
Holders of American Radio were to receive 44 dollars in cash plus one American Tower share for each radio share as the CBS purchase closed.
The mechanism is a tower book carved out of a radio merger and sold as independent infrastructure.
The product on the tape was not spectrum. It was the steel that other people's antennas already rented.
The pin is the Broad Street facade of the Exchange, where AMT opened. Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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