Why did TDS wish to increase the authorized number of Special Common Shares to 165 million?
The increase to the number of authorized Special Common Shares serves several purposes. They should provide TDS greater strategic and financial flexibility. The Special Common Shares should also help facilitate acquisitions and raise funds in the capital markets. In 2005, TDS indicated that it may at some point in the future make an offer to issue Special Common Shares in exchange for all of the Common Shares of U.S. Cellular [NYSE: USM] that TDS does not currently own, approximately 18 percent of U.S. Cellular common stock. The purpose of any such offer from TDS would be to cause U.S. Cellular to become a wholly owned subsidiary of TDS. Whether TDS completes such a transaction depends upon market and other conditions, and the company has no set timeline for such a transaction at present. Should the transaction occur, TDS does not foresee it as having any effect on the day-to-day operations at U.S. Cellular. In March 2007, TDS announced that it was ceasing activity related to its possi
