U.S. Cellular's stock rockets 91% after company and parent says they're reviewing their strategic options

The stock of U.S. Cellular Corp. (USM) rocketed 91% on Friday, after the boards of the company and its parent Telephone and Data Systems (TDS) said they're reviewing strategic options for the company. TDS' stock soared 81%. U.S. Cellular is one of the remaining independent wireless operators in the U.S. and both companies are based in Chicago. "The TDS board believes that now is the right time for a comprehensive review of strategic alternatives for UScellular. We will pursue the pathway that is in the best interest of shareholders," said Chairman Walter C.D. Carlson in a statement. TDS has hired Citi as financial adviser. The companies said they will not comment further until the review is completed and did not set a deadline.

-Ciara Linnane

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08-04-23 1305ET

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