AcquisitionsMay 8, 2026, 07:26 AM
Array Digital Forms Special Committee for TDS Acquisition Proposal
AI Summary
Array Digital Infrastructure, Inc. announced that its Board of Directors received a non-binding proposal from Telephone and Data Systems, Inc. (TDS) to acquire all outstanding common shares of Array not currently owned by TDS. TDS currently holds approximately 81.9% of Array's capital stock and 95.9% of voting interests. In response, Array's Board established a Special Committee of three independent directors, which has engaged independent financial and legal advisors, to evaluate the proposal. The proposal is non-binding and conditioned on the Special Committee's recommendation and approval by disinterested shareholders.
Key Highlights
- Telephone and Data Systems, Inc. (TDS) submitted a non-binding proposal to acquire all outstanding common shares of Array not currently owned by TDS.
- TDS currently owns approximately 81.9% of Array's outstanding capital stock and 95.9% of voting interests.
- Array's Board formed a Special Committee of three disinterested and independent directors to evaluate the Proposal.
- The Special Committee has retained PJT Partners as its independent financial advisor and Cravath, Swaine & Moore LLP as its independent legal counsel.
- The Proposal is conditioned on the Special Committee's recommendation and approval by a majority of disinterested stockholders.
- No decision has been made, and there is no assurance that any transaction will be consummated.