Southeastern Asset Management wants the company to sell itself or its wireless assets to a national wireless carrier. Southeastern contends a much greater value can be recognized through a sale of the company as opposed to remaining independent. It also said that if Telephone & Data doesn't sell itself, it should "simplify" its capital structure. Southeastern says the stock is undervalued and wants management to repurchase shares. Southeastern owns 2,838,648 shares (5.5%).

Gamco Investors (GBL) intends to nominate three candidates, Clarence Davis, Vincent Enright and Jack Liebau, for election to the company's board at the '09 shareholders' meeting, in addition to Gary Sugarman, whom they nominated earlier. Gamco and affiliates hold 4.9 million shares (9.23%).

Gamco Investors intends to nominate four people to the company's board at the 2009 annual meeting.

A group of funds managed by Mario Gabelli's Gamco Investors (GBL) raised its stake to about 4.74 million shares (8.92%) from 4.21 million (7.91%) reported in September. Gamco has said it may submit recommendations for one or more individuals as nominees for director to the board.

A group of funds managed by Mario Gabelli's Gamco Investors increased its position to about 4.19 million shares (7.88%), from 3.66 million (6.88%) held in May.

6.1

Morgan Stanley upgrades Telephone & Data Systems (TDS) from underweight to equalweight and moves price target to $71.

Wireless Telecom

Downgraded by Robert W. Baird from Outperform to Neutral