CHICAGO, Dec. 27, 2011 /PRNewswire/ -- Telephone and
Data Systems, Inc. (NYSE: TDS, TDS.S) announced today that
Institutional Shareholder Services, Inc. ("ISS") and Glass, Lewis
& Co., LLC ("Glass Lewis"), the nation's leading proxy advisory
firms, recommend that holders of each of the TDS Common Shares and
Special Common Shares vote "FOR" the proposed amendments to the TDS
certificate of incorporation.
The revised amendments include a share consolidation amendment
to reclassify each Special Common Share as one Common Share, each
Common Share as 1.087 Common Shares, and each Series A Common Share
as 1.087 Series A Common Shares.
The revised plan made no substantive changes to the vote
amendment, which sets the Series A Common Shares voting rights at
current levels.
"We are very pleased that ISS and Glass Lewis have recommended
in favor of the amendments to the TDS certification of
incorporation, which we believe will provide significant advantages
to the Company and its shareholders," said Kenneth R. Meyers, Executive Vice President and
Chief Financial Officer. "We strongly believe the proposed
amendments will result in a simplified capital structure, provide
our shareholders with improved liquidity and visibility, and afford
the Company greater financial flexibility."
The TDS Board of Directors unanimously approved the amendments
and unanimously recommends that shareholders vote "FOR" the
proposals at its Special Meeting of Shareholders, to be held on
Jan. 13, 2012.
About TDS
Telephone and Data Systems, Inc. (TDS), a Fortune 500® company,
provides wireless, local and long-distance telephone, and broadband
services to approximately 7 million customers in 36 states through
its business units, U.S. Cellular (wireless) and TDS Telecom
(wireline). Founded in 1969 and headquartered in Chicago, TDS employed 12,300 people as of
Sept. 30, 2011.
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IMPORTANT INFORMATION: The foregoing information is not a
solicitation of a proxy from any TDS shareholder. This is being
done only pursuant to a definitive proxy statement, as
supplemented. Additional information relating to the foregoing is
included in TDS' proxy materials filed with the Securities and
Exchange Commission ("SEC") and distributed to shareholders.
INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ SUCH MATERIALS
BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Shareholders and other
investors may access such materials without charge at the SEC's web
site (www.sec.gov) and on the TDS web site (www.teldta.com) in the
Investor Relations section on the SEC filings page. In addition,
shareholders may obtain free copies of the proxy materials by
contacting TDS' information agent, MacKenzie Partners at (800)
322-2885. TDS and its executive officers and directors may be
deemed to be participants in the solicitation of proxies from TDS
shareholders on behalf of the TDS Board of Directors in connection
with the foregoing. Information concerning such participants and
their respective direct or indirect interests in TDS by security
holdings or otherwise is included in TDS' proxy materials.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995: All information set forth in this news
release, except historical and factual information, represents
forward-looking statements. This includes all statements about the
company's plans, beliefs, estimates and expectations. These
statements are based on current estimates, projections and
assumptions, which involve certain risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements. Important factors that may affect these
forward-looking statements include, but are not limited to: the
ability of the company to successfully grow its markets; the
overall economy; competition; the access to and pricing of
unbundled network elements; the ability to obtain or maintain
roaming arrangements with other carriers; the state and federal
telecommunications regulatory environment; the value of assets and
investments; adverse changes in the ratings afforded TDS and U.S.
Cellular debt securities by accredited ratings organizations;
industry consolidation; advances in telecommunications technology;
uncertainty of access to the capital markets; pending and future
litigation; changes in income tax rates, laws, regulations or
rulings; acquisitions/divestitures of properties and/or licenses;
and changes in customer growth rates, average monthly revenue per
unit, churn rates, roaming revenue and terms, the availability of
handset devices, or the mix of products and services offered by
U.S. Cellular and TDS Telecom. Investors are encouraged to consider
these and other risks and uncertainties that are discussed in the
Form 8-K used by TDS to furnish this press release to the SEC,
which are incorporated by reference herein.
For more information about TDS and its subsidiaries, visit:
TDS: www.teldta.com
U.S. Cellular: www.uscellular.com
TDS Telecom: www.tdstelecom.com
SOURCE Telephone and Data Systems, Inc.