Telephone and Data Systems offers to acquire remaining Array Digital shares in a stock deal, driving AD up 14% premarket.
Array Digital shares jumped 14% after Telephone and Data Systems proposed an all-stock takeover of the outstanding shares it does not already own. The offer values Array Digital at a premium, though specific exchange terms were not disclosed in the initial announcement.
Prior to the proposal, Array Digital had traded near $12.50 per share, with limited volatility in recent sessions. TDS, which already holds a stake in the company, aims to consolidate ownership through the deal, though regulatory and shareholder approvals remain pending.
The announcement triggered immediate buying interest, lifting AD shares sharply in premarket trading.