TDS Withdraws Acquisition Proposal for Array Digital Infrastructure, Maintains 81.9% Stake

Telephone and Data Systems, Inc. (TDS) filed Amendment No. 23 to its Schedule 13D regarding its investment in Array Digital Infrastructure, Inc. (formerly United States Cellular Corporation). As of September 1, 2026, TDS reported beneficial ownership of 70,788,703 shares, representing an 81.9% ownership stake and approximately 95.9% of the combined voting power. This total includes 37,782,826 Common Shares and 33,005,877 Series A Common Shares. The primary purpose of this amendment was to announce that TDS has withdrawn its previous proposal to acquire the remaining public shares of Array it does not already own. The withdrawn proposal had offered 0.86 TDS shares for each Array share. TDS cited an inability to reach an agreement on value and consideration with Array's Special Committee. Consequently, TDS intends to maintain its current 82% interest and plans to recommence its own share repurchase program, which has approximately $523.9 million in remaining authorization. TDS and Array also intend to increase efforts to monetize Array's remaining wireless spectrum assets.