Wired News – Connecticut Water Reports Amended Merger Deal with SJW Group to Allow Counter Proposals

Stock Monitor: American States Water Post Earnings Reporting

LONDON, UK / ACCESSWIRE / June 4, 2018 / If you want access to our free research report on Connecticut Water Service, Inc. (NASDAQ: CTWS) (“Connecticut Water”), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CTWS as the Company’s latest news hit the wire. On May 31, 2018, the Company announced that it and California-based SJW Group have amended the terms of their merger agreement, pursuant to which Connecticut Water, with the assistance of its financial advisors, will actively solicit proposals for an alternative merger, acquisition, or other strategic transaction involving Connecticut Water. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for American States Water Company (NYSE: AWR), which also belongs to the Utilities sector as the Company Connecticut Water Service. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Connecticut Water Service most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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The Company has a right under the amended merger agreement to review and negotiate any alternative proposals received from third parties till July 15, 2018.

Eversource Energy to Participate in the Solicitation Process

Eversource Energy (“ES”) will be among those invited to participate in the solicitation process. However, Connecticut Water reaffirmed that its Board does not believe that Eversource’s current $63.50 per share proposal is a superior proposal to the SJW Group merger agreement. The Connecticut Water’s Board has unanimously determined that it would not agree to a transaction with Eversource on the terms currently proposed, regardless of the outcome of the proposed SJW Group merger, because it believes that the current Eversource proposal substantially undervalues Connecticut Water.

At this time, Connecticut Water remains subject to the SJW Group merger agreement, and the Connecticut Water’s Board has not changed its recommendation in favor of the merger of equals with SJW Group.

This Additional Step is Appropriate to Allow Shareholders to have Full Confidence in Connecticut Water’s Strategic Direction

Carol Wallace, Chairman of the Connecticut Water’s Board of Directors, stated that before announcing the Company’s agreement with SJW Group, the Board considered various alternatives and determined that the SJW Group merger delivered on this objective, providing substantial value to its shareholders both in the near- and long-term. Wallace added that Connecticut Water believes this additional step and public process by the Board is appropriate to allow all of its shareholders to have full confidence in the Company’s strategic direction and to know that every viable alternative has been explored.

SJW Group’s and Connecticut Water’s Decision to Combine in All-Stock Transaction

As previously announced, on March 15, 2018, both Companies’ Boards of Directors have unanimously approved a definitive agreement to combine through a merger of equals to create the 3rd largest investor-owned water and wastewater utility in the United States, based on pro-forma enterprise value and combined rate base. Under the terms of the agreement, Connecticut Water’s shareholders will receive 1.1375 shares of SJW Group common stock for each share of Connecticut Water common stock they own, the equivalent of $64.72 per share based on SJW Group’s closing stock price as of April 25, 2018. Following the closing of the transaction, Connecticut Water’s shareholders will own approximately 40% of the combined Company and SJW Group’s shareholders will own approximately 60%, on a fully-diluted basis.

About SJW Group

Founded in 1985 and headquartered in San Jose, California, SJW Group is a publicly-traded holding Company. It is the parent Company of San Jose Water, SJWTX, Inc., and SJW Land Co. Together, San Jose Water and SJWTX, Inc. provide water services to more than one million people in San Jose, California, and nearby communities and in Canyon Lake, Texas, and the nearby communities.

About Connecticut Water Service, Inc.

Headquartered in Clinton, Connecticut, Connecticut Water is a publicly-traded holding Company. It is the parent company of The Connecticut Water Co., The Maine Water Co., The Avon Water Co., and The Heritage Village Water Co. Together, these subsidiaries provide water services to more than 450,000 people in Connecticut and Maine, and wastewater service to more than 10,000 people in Connecticut.

Stock Performance Snapshot

June 01, 2018 – At Friday’s closing bell, Connecticut Water Service’s stock marginally fell 0.67%, ending the trading session at $64.09.

Volume traded for the day: 59.17 thousand shares.

Stock performance in the last three-month – up 29.08%; previous six-month period – up 0.85%; past twelve-month period – up 18.64%; and year-to-date – up 11.64%

After last Friday’s close, Connecticut Water Service’s market cap was at $779.33 million.

Price to Earnings (P/E) ratio was at 15.44.

The stock has a dividend yield of 1.86%.

The stock is part of the Utilities sector, categorized under the Water Utilities industry.

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