Gabelli Reiterates Buy on Telephone and Data Systems

Gabelli & Co maintains its Buy rating on Telephone & Data Systems, Inc.

as the company announced changes to the previously proposed share reclassification. Gabelli says the change failed to garner enough votes. “In its new proposal, TDS would offer holders of the special common share a 1 for 1 exchange. Alternatively, the holders of the common shares and Series A common shares will now receive 1.087 shares in the new class. TDS did not alter the provision that would have frozen the Carlson family's vote.” TDS closed at $24.21 on Monday.