TELEPHONE & DATA SYSTEMS INC /DE/ 8-K

What Happened
Telephone and Data Systems, Inc. (TDS) announced on May 8, 2026 (8‑K filed) that it submitted a proposal to the board of Array Digital Infrastructure, Inc. ("Array") to acquire, by way of a merger, all outstanding Common Shares of Array that TDS does not already own. The proposal would be an all‑stock transaction. The letter to Array's board is dated May 7, 2026 and is attached as Exhibit 99.1; a related press release dated May 8, 2026 is attached as Exhibit 99.2.

Key Details

• TDS submitted a formal proposal to Array’s board on May 7, 2026; announced via press release May 8, 2026.
• The proposed transaction is an all‑stock merger to acquire all outstanding Common Shares not currently owned by TDS.
• The 8‑K discloses the proposal and attachments but does not present agreed deal terms, valuation, or a definitive merger agreement.
• Filing signed by Vicki L. Villacrez, Executive VP & CFO of TDS, on May 8, 2026.

Why It Matters
This filing signals TDS is pursuing a strategic acquisition of Array via an all‑stock deal, which could affect ownership and capital structure if completed. For investors, the key takeaways are that a proposal has been made (not a completed deal) and no financial terms or definitive agreement have been disclosed yet. Shareholders of either company should watch for further announcements about negotiations, any definitive agreement, and disclosed transaction terms.