(Il Sole 24 Ore Radiocor) - Milano, 8 mag - Telephone and Data Systems (TDS) said it has submitted a bid to buy all the outstanding shares in Array Digital Infrastructure it does not own in an all-stock transaction.

Under the terms of the proposal, each Array share not owned by TDS will be exchanged for 0.86 of a TDS share.

TDS owns about 82% of Array's outstanding capital stock and 96% of the voting interests.

The deal assumes that Array's previously announced spectrum license sales be closed and that Array pays a dividend of 10.40 dollars per share before the merger closes.

"By bringing Array fully under TDS' ownership, Array's stockholders would retain a significant interest in the tower business while gaining exposure to TDS' growing fiber.

business," TDS chief executive Walter Carlson said.

(RADIOCOR) 08-05-26 14:46:04 (0468) 5 NNNN