GTE will raise its dividend and buy back stock.

Stamford, Conn.-based GTE Corp., apparently responding to speculation that an investor might be amassing a major stake in the company, said it will raise its dividend 13% to 81.5 cents per share from 80 cents and repurchase up to 10 million, or 4.7%, of its common shares. The dividend will be payable Jan. 1 to shareholders of record Nov. 24. GTE said its directors will also seek shareholder approval for a 3-for-2 stock split, for authorization to nearly triple the number of GTE common shares available to be issued to 750 million and to adopt certain takeover defenses.