GAMCO Sends Letter to Telephone and Data Systems
02 Giugno 2023 - 6:37PM
GAMCO Asset Management Inc. (“GAMCO”), an affiliate of GAMCO
Investors, Inc. (OTCQX: GAMI), and certain other affiliates own, on
behalf of their clients, approximately 4.3% of the outstanding
common shares of Telephone and Data Systems, Inc. (NYSE: TDS) (the
“Company” or “TDS”). Today, GAMCO sent a letter to the Company’s
President and Chief Executive Officer. A copy of the letter is
referenced herein.
June 1, 2023Mr. LeRoy T. Carlson,
Jr.President and Chief Executive
OfficerTelephone and Data
Systems30 North LaSalle
StreetSuite 400Chicago, IL
60602
Dear Ted,
We have been following TDS for nearly four
decades.
We currently own 4.5 million shares of TDS common stock
for clients.
We did not share any concerns when the Company changed
the voting structure some twenty years ago.
While we were concerned about the press articles
discussing the bid by a third party at over $100 a share, we have
put that in the background.
We are all committed to serving the communities but in
light of the increases in cost of capital, we are also committed to
do it efficiently.
However, with the current collapse of the stock we need
to again examine what is the appropriate allocation of capital and
how to grow the intrinsic value and allow it to
surface.
We are considering the probability of nominating
Directors at the next Shareholder meeting.
While we have reviewed suggestions on numerous occasions
in the past, we will bring these to the table again in light of the
extraordinarily poor performance and the lack of focus as a result
of TDS’ ownership of US Cellular and other dynamics.
It is hard to accept that this condition exists. A
change in tactics has to be examined and pursued.
Respectfully Submitted,
MJG:tg
Mario J. Gabelli
GAMCO Investors, Inc., through its subsidiaries, manages assets
of private advisory accounts (GAMCO), mutual funds and closed-end
funds (Gabelli Funds, LLC) and is known for its Private Market
Value with a Catalyst™ style of investment.
Contact: Robert LeiningerChair, Proxy Voting Committee
(914) 921-7754For further information please
visitwww.gabelli.com
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