The boards of directors of Telephone and Data Systems, Inc. (NYSE: TDS) and United States Cellular Corporation (NYSE: USM) have each decided to explore what they term “strategic alternatives” for UScellular. The process will explore a range of strategic alternatives, according to an announcement issued by TDS.
“The TDS board believes that now is the right time for a comprehensive review of strategic alternatives for UScellular. We will pursue the pathway that is in the best interest of shareholders,” said Walter C.D. Carlson, Chairman of the TDS Board.
“The UScellular leadership team and I fully support the decision to review strategic alternatives for UScellular. We will remain focused on executing our plan and fulfilling our mission of connecting people to what matters most,” said Laurent Therivel, Chief Executive Officer of UScellular.
TDS has retained Citi as its financial advisor and has retained legal counsel in connection with the review of strategic alternatives for UScellular. In connection with the review, the UScellular independent directors, as authorized by the UScellular board, have retained a financial advisor and legal counsel.
There is no deadline or definitive timetable set for completion of the strategic review, and there can be no assurance regarding the results or outcome of this review according to the companies. TDS and UScellular will not comment on this strategic review process, and said it will make further announcements in accordance with their disclosure obligations.
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