RE: share dilution voted downI believe the facts in your statement are a bit mixed up. I don't think they were actually planning to issue those shares at this point. I assume they wanted the option to, incase a major acquisition became available at a good price.
With that in mind, surprised it got voted down. It wouldn't be bad for GTE to do an acquisition, if it was some prime assets at a distress sale type of price.. They have the strength on the balance sheet to do that if the right deal came along.
But GTE is a great company as it is, so I don't think they need to go looking for a deal unless its a bargain.