TDS Withdraws Bid for Array Digital Infrastructure, Resumes Buybacks
Chicago – September 07, 2026 -- Telephone and Data Systems, Inc. (NYSE: TDS) has withdrawn its proposal to acquire the roughly 18% of Array Digital Infrastructure, Inc. (NYSE: AD) that it does not already own, ending talks over a stock-for-stock deal that would have exchanged each Array share for 0.86 of a TDS share.
TDS cites failure to agree on deal terms after extensive review
Walter Carlson, President and CEO of TDS, said the two sides could not reach agreement on the form of consideration and value despite lengthy negotiations. "We no longer believe that now is the right time to complete such a transaction," Carlson said, adding that TDS remains confident in Array's long-term prospects and will continue supporting the company as a leading owner and operator of wireless infrastructure.