Aerial Communications Board of Directors Special Committee Selects Independent Investment Bankers and Legal Counsel to Evaluate TDS Proposal
CHICAGO, Feb. 10 /PRNewswire/ -- Independent investment bankers and legal counsel have been retained by a Special Committee of Aerial Communications (Nasdaq: AERL) Board of Directors to assist in evaluating a proposal from Telephone & Data Systems (Amex: TDS) for TDS to acquire all of the issued and outstanding shares of Aerial not already owned by TDS, approximately 18% of total shares outstanding. The TDS proposal was made in connection with, and is subject to TDS shareholder approval and the consummation of, TDS's recently announced corporate restructuring. The restructuring plan calls for the creation of three new classes of TDS common stock, commonly known as "tracking stocks", each of which is intended to separately reflect one of TDS's three primary business groups. The Aerial Common shares that TDS has offered to acquire would be exchanged for shares of TDS tracking stock related to the business of Aerial, representing approximately 18% of the equity interest in Aerial.
After interviewing several firms, the Special Committee has selected Lehman Brothers as its investment banker advisor, and the New York law firm of Fried, Frank, Harris, Shriver and Jacobson to provide legal advice.
The Special Committee was appointed by Aerial's Board of Directors to consider the TDS proposal. It is comprised of independent board members John D. Foster and Thomas W. Wilson, Jr. Both have been Aerial directors since 1996. For nearly 30 years Foster held a number of senior management positions in domestic and international units of the AT&T Corporation, and is now President of Vedra International Associates, a consulting firm based in Florida. Wilson is Chairman of Information Resources, Inc., a Chicago based company which provides information services to the consumer packaged goods industry. Prior to his retirement in 1990, he was a Senior Partner at McKinsey & Company, where he spent 24 years. He also serves on the Board of Productivity Solutions, Inc.
Aerial Communications, headquartered in Chicago, holds licenses to provide PCS service in areas covering 27.6 million of the U.S. population. Aerial's markets include Columbus, Ohio; Houston, Minneapolis, Kansas City, Pittsburgh and Tampa/Orlando/St. Petersburg.
Aerial is a majority-owned subsidiary of Telephone and Data Systems, Inc, a $1 billion-a-year telecommunications company based in Chicago.
Aerial is a service marks of Aerial Communications, Inc.
SOURCE Aerial Communications
CO: Aerial Communications; Telephone & Data Systems
ST: Illinois
IN: TLS
SU: TNM
02/10/98 10:13 EST prnewswire.com
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