---
schema_version: "secwatch.filing_event.v1"
accession: "0001051512-26-000039"
form_type: "8-K"
ticker: "TDS"
cik: "0001051512"
company_name: "TELEPHONE & DATA SYSTEMS INC /DE/"
filed_at: "2026-05-08T23:59:59+00:00"
generated_at: "2026-05-14T19:38:41.038975+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.78
calibrated_materiality_score: 0.78
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001051512-26-000039
- form_type: 8-K
- ticker: TDS
- cik: 0001051512
- company_name: TELEPHONE & DATA SYSTEMS INC /DE/
- filed_at: 2026-05-08T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.78
- calibrated_materiality_score: 0.78
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1051512/000105151226000039/0001051512-26-000039-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1051512/000105151226000039/tds-20260507.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001051512-26-000039
- JSON: https://secwatch.observer/filing/0001051512-26-000039.json
- Plain text: https://secwatch.observer/filing/0001051512-26-000039.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.