TDS offers all-stock deal to buy remaining Array Digital shares at 0.86 exchange ratio

Telephone and Data Systems, Inc.
Array Digital Infrastructure, Inc.

Telephone and Data Systems, Inc.

TDS

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Array Digital Infrastructure, Inc.

AD

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  • TDS proposed an all-stock merger to buy remaining Array Digital Infrastructure common shares it does not already own.
  • Offer terms set exchange at 0.86 of a TDS common share for each Array common share not owned by TDS.
  • Exchange ratio assumes previously announced spectrum license sales close before deal completion.
  • Proposal also assumes Array pays a USD 10.40 per-share dividend before closing, about USD 900 million in aggregate.
  • Array formed a special committee of independent directors to evaluate proposal.


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