Look at repurchases in 4th q and compare ot shares outstanding on Jan 31 (10-k).
TDS owns about 80% of the shares so only about 16mm float. USM repurchased about 571k shares in 4th q and I calculate another 300k in January.
This stock is undervalued. Sales are falling because of renegotiation of roaming agreements. earnings are depressed because new billion systems. Capital spending should slow considerably in next year.
This company will emerge as a cash cow without the tons of debt that weighs down other telecoms. they own about 3500 of their towers. AMT (debt plus equity/towers) value each tower at about 500k.
The largest impediment for consolidation in this industry has been different systems (CDMA GSM IDEN) this all but goes away with LTE that all carriers are deploying.