<PAGE> 1
===============================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 3)
Under the Securities Exchange Act of 1934
Vanguard Cellular Systems, Inc.
------------------------------------
(Name of Issuer)
Common Stock, par value $0.01 per share
------------------------------------------------
(Title of Class of Securities)
922022
-------------------------------
(CUSIP Number)
Marilyn J. Wasser, Esq.
Vice President -- Law and Secretary
AT&T Corp.
295 North Maple Avenue
Basking Ridge, N.J. 07920
(908) 221-2000
--------------------------------------------------------------------
Name, Address and Telephone Number of Person
Authorized
to Receive Notices and Communications)
With a copy to:
--------------------------------------------------------------------
David M. Silk, Esq.
Wachtell, Lipton, Rosen & Katz
51 West 52nd Street New York, New York 10019
(212) 403-1000
March 27, 1999
--------------------------------------------------------------------
(Date of Event Which Requires Filing of This
Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box: [ ].
Page 1 of 6 Pages
===============================================================================
<PAGE> 2
SCHEDULE 13D
- ---------------- -----------------
CUSIP NO. 922022 Page 2 of 6 Pages
- ---------------- -----------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
AT&T CORP.
I.R.S. IDENTIFICATION NO. 13-4924710
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
13,914,281
NUMBER OF -------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY -0-
OWNED BY -------------------------------------------------------------
EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 13,914,281
WITH -------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
13,914,281
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
30.5% (assuming exercise of the Vanguard Option, the
Stockholders' Options and the Charitable Trust and Family
Foundation Stockholders' Options and the acquisition by
certain executive officers of Vanguard not parties to
Voting Agreements of 1,580,045 shares of Vanguard Common
Stock pursuant to exercises of options in connection with
the Executive Loan Program)
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- --------------------------------------------------------------------------------
<PAGE> 3
AT&T Corp. hereby amends the Schedule 13D (as previously amended, the
"Schedule 13D") originally filed on October 13, 1998 and amended on November 9,
1998 and January 4, 1999 as set forth herein. Capitalized terms used without
definition in this Amendment No. 3 to the Schedule 13D shall have the
respective meanings ascribed thereto in the Schedule 13D.
On March 27, 1999, AT&T and Vanguard first mailed to Vanguard shareholders
a Proxy Statement in connection with the Vanguard's Special Shareholders'
Meeting. Reference is made to such Proxy Statement, which is hereby
incorporated by reference herein.
<PAGE> 4
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
8. Proxy Statement (incorporated by reference to the
Proxy Statement/Prospectus included in AT&T's Registration
Statement on Form S-4 File No. 333-75083).
<PAGE> 5
SIGNATURES
After reasonable inquiry and to my knowledge and belief, I certify that the
information set forth in this statement is true, complete and correct.
Dated: March 30, 1999
AT&T CORP.
By: /s/ Robert Feit
---------------------------
Name: Robert Feit
Title: General Attorney and
Assistant Secretary
<PAGE> 6
INDEX OF EXHIBITS
8. Proxy Statement (incorporated by reference to the
Proxy Statement/Prospectus included in AT&T's Registration
Statement on Form S-4 File No. 333-75083).
