water wars top2CLINTON: The Connecticut Water Service [Nasdaq: CTWS] is moving forward with their merger plans with its cross-country transaction with the San Jose Water Company [NYSE: SWJ] as its rejects Eversource’s [NYSE: EV] most recent revised offer.

The revised Eversource, offer of $64 a share, is up marginally from $63.50 in April, but also includes increases if the merger is slow in receiving approval from regulators.

CTWS submitted a new application for the approval of their merger of equals, with the Connecticut Public Utilities Regulatory Authority (“PURA”) on July 18.

water2HARTFORD: In spite of the announcement by Connecticut Water Services [Nasdaq: CTWS] that it is going ahead with its merger with the San Jose Group [NYSE: SJW], Eversource [NYSE: EV] doesn’t sem ready to throw in the towel.

The company released a statement challenging CTWS’s statements about its bidding process, saying, “Connecticut Water confirmed yesterday that its “go-shop” process failed to solicit even a single additional indication of interest. Rather than being designed to solicit potentially superior proposals for the benefit of Connecticut Water shareholders, the “go-shop” process instead failed to reflect a sincere intention to consider superior alternatives.”

waterCLINTON: Connecticut Water Service, Inc. [NASDAQ: CTWS] has rejected Eversource’s [NYSE: EV] offer and said it has received no new or revised offers for purchase of the company and will proceed with its planned merger with San Jose Group [NYSE: SJW].

For its part Eversource said that it was satisfied with its proposal to CTWS and would not revise it.

Connecticut Water and the SJW Group merger agreement was amended to include a new go-shop provision, which allowed Connecticut Water to actively solicit proposals for an alternative merger, acquisition or other strategic transactions. 

waterCLINTON: Connecticut Water Service, Inc. [NASDAQ: CTWS] has rejected Eversource’s [NYSE: EV] offer and said it has received no new or revised offers for purchase of the company and will proceed with its planned merger with San Jose Group [NYSE: SJW].

For its part Eversource said that it was satisfied with its proposal to CTWS and would not revise it.

Connecticut Water and the SJW Group merger agreement was amended to include a new go-shop provision, which allowed Connecticut Water to actively solicit proposals for an alternative merger, acquisition or other strategic transactions. 

Boiling WaterBy Mitchell Young

CLINTON: The water war over the purchase of Connecticut Water Service [Nasdaq: CTWS] is heating up and the rhetoric at least is nearing a boiling point. CWS announced that it would be open to bids through July 4 in addition to the purchase it had previously agreed to, from the San Jose Water Group [NYSE:SJW].

On June6 the company released a statement in response to criticism from Eversourcethe statement reiterated it was open to new offers “including one from Eversource [NYSE: ES].”

Eversource had submitted a formal offer for purchase of CTWS on April 17 but it was rejected by CTWS’s board. In the company’s statement to solicit new bids said that it was open to Eversource’s bid but that it was inadequate and “did not fairly value” the company.

Apparently that turned up the heat in Boston as Eversource released a statement on June 6 saying it “strongly criticized the recently disclosed amendments to the [existing, with SWJ] merger agreement” and that the recent actions taken by Connecticut Water reinforce that its board and management team are not seriously considering the superior proposal by Eversource.”

wallace ctwater
Connecticut Water Board Chair, Carol Wallace: Board Opens Bids for Company.

CLINTON: After weeks of refusing to address a merger proposal by Eversource, the Connecticut Water Service [NASDAQ: CTWS] has announced it will begin new solicitation of bids for the purchase of the company.

In March the company announced it had agreed to a merger with the San Jose Water Group [SJW Group NYSE: SJW] and the companies filed merger papers on May 7.

The new company announcement includes that SWG has also agreed to the solicitation of new bids through July 4, 2018.

vineyardwindBy Mitchell Young

BOSTON, MA, PROVIDENCE, RI, ORANGE: United Illuminating parent company Avangrid [NYSE AGR] based in Orange has been selected along with its Danish partner Copenhagen Infrastructure Partners by the Commonwealth of Massachusetts to build their Vineyard Wind, an 800-megawatt offshore wind power plant 15 miles south of Martha's Vineyard, featuring as many as 100 turbines.

Avangrid is a publicly traded subsidiary of the Spanish energy giant Iberdola which owns approximately 80% of the company. Avantgrid’s Avantgrid Renewals, subsidiary based in Portland Oregon, bought a 50% interest in the offshore project, one year ago.

Avangrid is itself a diversified energy and utility company, with more than $31 billion in assets and operations in 27 states with regulated utilities and electricity generation through two primary lines of business. Avangrid Networks is comprised of eight electric and natural gas utilities, serving approximately 3.2 million customers in New York and New England.

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Everource'Judge, wants Connecticut Water. Asking stockholders to weigh in. California Water's Kropelnicki say's his deal is better for San Jose Water, than the Connecticut Water Purchase

SAN JOSE: HARTFORD: Connecticut’s cross country water war over the acquisition of Connecticut Water Services [Nasdaq:CWS] by the San Jose Group [Nasdaq: SJW] has taken on two new but expected battlefronts.

Would be acquirers Eversource [NYSE:EV] and and California Water Service Group [Nasdaq: CWT] respectively have both made preliminary filings with the U.S. Securities and Exchange Commission [SEC] indicating potential proxy fights.

Eversource made an offer on April 17, to purchase the CWS just as it had agreed to a takeover by the SJW.

Eversource’s filing said it wants “to urge Connecticut Water Service, Inc.'s (“Connecticut Water”) (CTWS) shareholders to vote “AGAINST” the SJW Group merger proposal, “AGAINST” the compensation proposal, and “AGAINST” the adjournment proposal.”