Vote on Maine Water Co.'s parent firm's merger set for Nov. 16
Courtesy / Connecticut Water Co.
Connecticut Water Service Inc. (NASDAQ: CTWS), parent company of Maine Water Co., has scheduled for Nov. 16 its shareholders' vote on the merger California-based SJW Group, which is now an all-cash deal instead of a stock-for-stock transaction.
Connecticut Water Service Inc. (NASDAQ: CTWS) announced Monday that the independent proxy advisory firm Institutional Shareholder Services Inc.recommends that Connecticut Water shareholders vote "FOR" the transaction with SJW Group (NYSE: SJW), which is scheduled for Nov. 16.
Connecticut Water is the parent company of Maine Water Co., which serves about 80,000 residents in 21 Maine communities and has 70 employees and 11 water treatment facilities in the state.
The company’s board of directors already has unanimously supported the $1.1 billion all-cash buyout offer with SJW Group, the parent of San Jose Water Co., one of the West Coast's largest water companies.
Hartford Business Journal, a Mainebiz sister publication, reported on Oct. 2 that Connecticut Water said the $70-per-share offer exceeds its all-time high closing stock price, adding that it never closed above $63.44 per share before the agreement to merge with SJW was inked in March.
The utilities originally agreed to a $750 million merger, with Connecticut Water shareholders receiving about $61.86 per share. The California utility improved its offer for the third time in August amid competing offers from Eversource Energy and others, HBJ reported.
Under the deal, the companies said they will honor their $200 million annual investments across both operations, including Maine Water's $50 million project to build a new water treatment facility near the Saco River in Biddeford.
The 700-employee combined company would serve over 1.5 million people and become the nation's third largest investor-owned water and wastewater utility.
Connecticut’s Public Utilities Regulatory Authority is expected to rule on the merger by Dec. 17.
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