Gamco increased its stake in Telephone and Data Systems (TDS) after losing proxy battles for three consecutive years
Key Summary: Gamco increased its stake in Telephone and Data Systems (TDS) from 5.82% in 2009 to 6.79% in 2016 after losing proxy battles in 2013, 2014, and 2015. Despite these setbacks, Gamco retained two board seats gained through a 2009 settlement agreement. TDS provides telecommunications services to millions of customers.
Market Cap: $3 billion | Telephone and Data Systems is a diversified telecommunications company providing services to approximately 4.8 million wireless customers and 1.1 million wireline and cable connections as of December 31, 2013.
- In 2009, Gamco gained two board seats through a settlement agreement.http://www.sec.gov/Archives/edgar/data/1051512/000105151209000047/0001051512-09-000047-index.htm
- In FY 2013, FY 2014, and FY 2015, Gamco lost its proxy battles.
- On March 3, 2016, Gamco increased its stake from 5.82% in 2009 to 6.79%. Two representatives of Gamco, who were appointed in 2009, still serve on the board.
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