GTE Adopts Shareholder Rights Plan: GTE Corp.’s...

GTE Adopts Shareholder Rights Plan: GTE Corp.’s board adopted a plan to protect the company from hostile takeovers. The plan will allow shareholders to buy discounted stock in GTE if anyone buys 20% of the Stamford, Conn.-based telecommunications company without GTE’s permission. Under certain conditions, they could also buy stock in an acquiring company at a discount if GTE disapproved of the merger. James L. Johnson, chairman and chief executive, said he was not aware of any efforts to take over the company.