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In a move to align with Delaware law and current practices, Telephone & Data Systems Inc. /DE/ (NYSE:TDS) announced today that its board of directors has adopted amended and restated bylaws, effective immediately. The revisions to the bylaws include changes to the advance notice provisions for stockholder proposals and director nominations.
The updated bylaws now require stockholders to provide more detailed procedural and disclosure information when nominating directors or proposing business. This change is intended to streamline the nomination process and ensure that all stockholders are adequately informed about proposed actions.
Additionally, the company has made technical and conforming changes that are non-substantive in nature. These amendments reflect the company's commitment to maintaining governance practices that are in line with legal developments and best practices.
Telephone & Data Systems, a provider of telecommunications services, has its headquarters in Chicago, Illinois. The company trades on the New York Stock Exchange under the ticker TDS, and it also has preferred stock listed as TDSPrU and TDSPrV.
This corporate governance update is based on the latest information disclosed in the company's SEC filing and does not include any additional commentary or speculation on the potential effects of these changes.
In other recent news, Telephone and Data Systems has made significant strides in its governance and financial growth.
The company announced the appointment of Napoleon B. Rutledge Jr. to its Board of Directors, a move anticipated to strengthen governance and oversight capabilities. Rutledge, who brings a wealth of financial experience, will also serve on the company's Audit Committee.
On the financial front, despite a decrease in service revenues due to a shrinking subscriber base, TDS US Cellular reported a 3% improvement in adjusted EBITDA for the third quarter of 2024. The company also recorded a $136 million impairment loss on millimeter wave licenses, but expects significant proceeds from the sale of spectrum licenses, projected to surpass their book value.
In addition, TDS US Cellular is in the process of selling wireless operations and spectrum to T-Mobile, a transaction expected to close by mid-2025. As part of strategic growth initiatives, the company is expanding its fiber network with a target of achieving 1.2 million marketable fiber addresses and is preparing for the launch of an MVNO with a national 5G partner.
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