Did you get that date from Yahoo? They never get those dates right.
On the AT&T web site they say that July 10 is the ex-dividend date.
Even then, I doubt if the deal will close in time.
Now officially posted on Bank of NY ADR web site:
$0.1662 per ADR share
US Record date 7/16/15
US Payable date 7/27/15
You're right, but the T share price could drop at any time, and we would see the same valuation. If we are to hold on to the T stock, we want them to have a low share price at the time of the exchange, followed by gains in share price. T has a good dividend, but two things concern me: apparent customer dissatisfaction with their services; uncertainty about the viability of their business model going forward.
I have it as about $.17/share in July & November (total of $.34/share for both combined), and about $.39 for the special dividend in September.
Depending on the AT&T share price when the deal closes, the most is 1.9 shares of AT&T for each share of DTV and $28.50 per share in cash. if AT&T goes higher than $34.90, DTV shareholders will get fewer shares, with the worst scenario being 1.72 shares instead of 1.9.