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AT&T Sets Dividend Plan

It will fork over a special payout just before SBC closes the merger deal.


(T) - Get AT&T Inc. Report

said it expects to pay its special $1.30-a-share merger dividend just before

SBC Communications


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closes the $16 billion deal.

AT&T and SBC expect that they could receive the last regulatory approval necessary to close the merger as early as next Friday, and the merger could be consummated shortly after receipt of that approval.

AT&T will pay the special dividend on the effective date of the merger. If the pending merger is not consummated, AT&T will not pay the special dividend.

The special merger-related dividend will be paid to some 2.3 million holders.

On Friday, AT&T shares rose 3 cents to $19.87.