FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 16, 1996
TELEPHONE AND DATA SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Iowa 1-8251 36-2669023
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
30 North LaSalle Street, Chicago, Illinois 60602
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (312) 630-1900
Not Applicable
(Former name or former address, if changed since last report)
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Item 5. Other Events.
On December 16, 1996, the Company reported that its Board of Directors
has authorized repurchases of up to 3,000,000 TDS Common Shares.
This Current Report on Form 8-K is being filed for the purpose of
filing the news release issued by the Company relating to such announcement as
an exhibit.
Item 7. Financial Statements and Exhibits
(c) Exhibits
The exhibits accompanying this report are listed in the accompanying
Exhibit Index.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereto duly authorized.
Telephone and Data Systems, Inc.
(Registrant)
Date: December 19, 1996
By: /s/ GREGORY J. WILKINSON
---------------------------
Gregory J. Wilkinson
Vice President and Controller
(principal accounting officer)
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EXHIBIT INDEX
Exhibit Number Description of Exhibit
- -------------- ----------------------
99.1 News Release dated December 16, 1996
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Exhibit 99.1
Contact: Karen M. Stewart, Vice President - Investor Relations
(608) 828-8316
e-mail: [email protected]
TDS Internet Home Page: http://www.teldta.com
FOR RELEASE: IMMEDIATE
TDS AUTHORIZES COMMON STOCK REPURCHASES
December 16, 1996, Chicago, Illinois - Telephone and Data Systems, Inc.,
[AMEX:TDS] announced today that its Board of Directors has authorized
repurchases of TDS Common Shares.
LeRoy T. Carlson, Jr. ("Ted"), President and Chief Executive Officer, commented,
"Over the past few years, TDS has acquired excellent telecommunications
properties and assets that we believe create substantial long-term values.
Currently, we believe both that these values are not being fully recognized in
the public marketplace and that TDS equity securities are significantly
undervalued. Accordingly, TDS stock represents an attractive investment
opportunity for TDS. It is our intention to use repurchased shares to fund
acquisitions and for general corporate purposes. In this way, the Company will
be able to continue to take advantage of future business opportunities, where
equity is needed to complete primarily tax-free acquisitions while minimizing
growth in Common Shares outstanding"
The Board of Directors has authorized the Company to purchase up to 3,000,000
Common Shares. At September 30, 1996, TDS had approximately 61.1 million Common
and Series A Common Shares outstanding. Subject to prevailing market conditions,
purchases may be made from time to time at the discretion of management through
open market purchases or at negotiated prices in private transactions. The
actual number of Common Shares which may be repurchased will be subject to the
trading price of the Common Shares, the Company's financial position and other
factors.
Carlson continued, "We plan to continue growing and strengthening each of the
Company's strategic business units. We are continuously monitoring and
evaluating the opportunities created by the rapidly evolving technological and
competitive situations in each telecommunications segment in which the Company
participates. We are striving to develop strategies and financing plans that
afford each strategic business unit and TDS the maximum potential to create
substantial value for shareowners."
TDS is a Chicago-based telecommunications company with established cellular
telephone, local telephone and radio paging operations and developing PCS
operations. TDS strives to build value for its shareholders by providing
excellent communications services in attractive, closely related segments of the
telecommunications industry.
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