TDS drops plan to acquire Array's remaining shares

Telephone and Data Systems has cancelled its planned acquisition of the Array Digital Infrastructure shares it does not already own. TDS holds an 82 percent stake in Array and said the parties could not agree on the form of consideration and value. The original proposal would have exchanged each remaining Array common share for 0.86 TDS common shares, subject to stated assumptions. TDS said it will continue supporting Array, resume share buybacks and pursue spectrum monetization opportunities.