#USA #Chicago #Board of Directors #TDS #Array Digital Infrastructure

Array Digital Infrastructure Forms Special Committee

In a significant move, Array Digital Infrastructure, Inc. (NYSE: AD) has confirmed that its Board of Directors received a non-binding acquisition proposal from Telephone and Data Systems, Inc. (NYSE: TDS) on May 7, 2026. This proposal aims to acquire all outstanding common shares of Array not already held by TDS, which currently owns a substantial 81.9% of the company’s capital stock and 95.9% of its voting interests.

Establishment of the Special Committee

To address this proposal appropriately, the Array board has set up a Special Committee comprising three independent and disinterested directors. This dedicated group is tasked with analyzing, negotiating, or potentially rejecting the initiative. It is paramount to emphasize that, as of now, the Special Committee has not made any decisions regarding the proposal.

The committee has enlisted the expertise of PJT Partners as its independent financial advisor, along with Cravath, Swaine & Moore LLP as its legal counsel. Together, they will thoroughly evaluate the acquisition proposal to determine the best strategic path forward that aligns with the interests of the company and its independent shareholders.

Implications of the Proposal

The proposal from TDS serves merely as an expression of interest and does not create any binding obligations regarding the deal or any alternative transactions. As of this moment, specific terms and conditions remain undetermined and there is no guarantee that an agreement will be reached, rejected, or finalized.

The special committee will engage in a meticulous review, considering various aspects, including potential shareholder implications and the overall impact on Array's operations amid the dynamic landscape of the telecommunications industry. All shareholders are encouraged to stay tuned but are not required to take any immediate action regarding the proposal.

About Array Digital Infrastructure

Operating as a prominent player in the shared wireless communications infrastructure domain, Array Digital Infrastructure owns and manages 4,450 cell towers across 19 states in the USA. The company is pivotal in facilitating the rollout of cutting-edge 5G technology and more. With TDS holding the majority stake, the current developments could markedly influence both companies moving forward.

Looking Ahead

While Array's management remains committed to transparent communications, it has clarified that no obligations exist for continual updates regarding the proposal or any other potential transactions, except where such disclosures are mandated by regulatory requirements. Stakeholders are reminded that the outcome of this process will hinge on careful deliberations by the Special Committee, resulting in a decision believed to serve the company’s best interests in the long run, regardless of the challenges that lie ahead.