CHICAGO-Telephone and Data Systems Inc. said its board of directors authorized repurchase of up to 3 million TDS common shares.
“It is our intention to use repurchased shares to fund acquisitions and for general corporate purposes,” said LeRoy Carlson, president and chief executive officer. “In this way, the company will be able to continue to take advantage of future business opportunities, where equity is needed to complete primarily tax-free acquisitions while minimizing growth in Common Shares outstanding.”
TDS said its telecom properties and assets acquired in the last few years represent value not fully recognized in the public marketplace. As such, TDS stock is an attractive investment, said the company. As of Sept. 30, TDS had about 6.1 million common and Series A common shares outstanding.
