TDS proposes to acquire remaining ~18% of Array for 0.86 TDS shares per share

TELEPHONE & DATA SYSTEMS INC /DE/

TDS offers 0.86 TDS common shares for each Array share not owned; TDS currently owns 81.9% of Array stock.
Exchange ratio assumes prior spectrum sales totaling $1.177B close and Array pays $10.40/share dividend (~$900M) pre-close.
Transaction expected to be tax-free; subject to Array special committee, disinterested stockholder, and TDS stockholder approval.
TDS will not entertain third-party offers for Array; supports opportunistic spectrum monetization.
TDS engaged Wells Fargo as financial advisor and Sidley Austin as legal counsel.

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