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Eversource urges Connecticut Water shareholders to accept purchase offer

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Eversource urges Connecticut Water shareholders to accept purchase offer

Eversource Energy has reiterated its offer to acquire all outstanding Connecticut Water Service Inc. shares for $63.50 per share in cash or Eversource shares.

Eversource said in a June 13 press release that its offer will provide Connecticut Water shareholders with incremental value above $63.50 per share. Connecticut Water has already rebuffed Eversource's acquisition offer, and has a pending merger of equals deal with SJW Group, headquartered in San Jose, Calif.

Eversource said it was not increasing its earlier offer for Connecticut Water, but added that Connecticut Water shareholders could receive additional benefits if the deal with SJW Group is called off and SJW Group pays a termination fee or Connecticut Water avoids paying a termination fee. Both SJW and Connecticut Water can mutually terminate the merger deal without owing any termination fee to each other, Eversource noted.

Connecticut Water recently launched a "go-shop" period for additional third-party offers, but Eversource said that solicitation and the extension of the tail period applicable to the termination fee payable by Connecticut Water from 12 to 15 months are highly preclusive actions that are not in the best interest of Connecticut Water's shareholders.

Eversource repeated its recommendation that Connecticut Water shareholders to vote against the proposed deal with SJW Group. Meanwhile, SJW Group is fending off a takeover bid by another California water utility, California Water Service Group.