The nation's second largest local phone company SBC Communications Inc. has agreed to buy AT&T Corp. for about $16 billion in stock. AT&T shareholders will receive SBC stock worth $18.41 a share and a special dividend of $1.30 a share. The decision followed late-night meetings by directors of SBC, the nation's second-biggest regional phone company, and the 120-year-old telephone icon AT&T. "It's a done deal," said SBC spokesman Larry Solomon. "We just acquired AT&T." SBC Chairman and CEO Ed Whitacre would run the combined company, and AT&T CEO David Dorman would be president. The new company would be based at SBC headquarters in San Antonio, Tex.