Under most circumstances, if people can receive the milk for free, it is generally believed that there is little reason to buy the cow. But when it comes to U.S. Cellular (NYSE:USM) and Telephone and Data Systems (NYSE:TDS), investors can receive both. Due to the unusual corporate structure of these two companies, investors who buy shares of Telephone and Data Systems (hereafter referred to as TDS) will receive virtually equivalent exposure to U.S. Cellular (the milk), all while receiving TDS' core business (the cow) virtually for free. Although TDS' core telecom business may not appear to be an appealing asset to own, due to its legacy wireline business, we believe that at its present valuation, with...
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