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CTWS

Connecticut Water

$65.28

-0.74 (-1.12%)

, ES

Eversource

$59.14

-0.11 (-0.19%)

06:58
07/13/18
07/13
06:58
07/13/18
06:58

Connecticut Water rejects Eversource bid, says not superior to SJW's bid

Connecticut Water Service (CTWS) announced that it recently received a revised acquisition proposal from Eversource Energy (ES) to acquire all of the outstanding shares of Connecticut Water common stock for $64.00 per share in cash and/or in Eversource common stock at the election of Connecticut Water shareholders. In accordance with the terms of the SJW Group amended merger agreement, the Connecticut Water Service board, in consultation with its financial and legal advisors, carefully reviewed Eversource's revised acquisition proposal and unanimously concluded that it is not a superior proposal as compared to the terms, value and benefits of the SJW Group (SJW) merger of equals. Moreover, the board unanimously determined that Eversource's revised proposal is inadequate and still undervalues Connecticut Water on a standalone basis. In unanimously rejecting Eversource's revised proposal, the Connecticut Water Service Board reiterated its willingness to consider any proposal from Eversource or any other party that delivers shareholder value superior to that provided in the SJW Group merger. To date, no superior alternative proposal has been received, even with Connecticut Water undertaking a public go-shop process during which more than 50 potential bidders were actively solicited. The company noted that Eversource was among the parties invited to participate in this process, but it declined to do so and instead has pursued a public misinformation campaign.

CTWS

Connecticut Water

$65.28

-0.74 (-1.12%)

ES

Eversource

$59.14

-0.11 (-0.19%)

SJW

SJW Corp.

$66.85

0.67 (1.01%)

CTWS Connecticut Water
$65.28

-0.74 (-1.12%)

03/08/18
UBSW
03/08/18
INITIATION
Target $53
UBSW
Neutral
Connecticut Water initiated with a Neutral at UBS
UBS analyst Daniel Ford started Connecticut Water with a Neutral rating and $53 price target.
04/26/18
JANY
04/26/18
DOWNGRADE
JANY
Neutral
SJW Corp. downgraded to Neutral from Buy at Janney Capital
Janney Capital cited SJW Group (SJW) valuation after California Water Service Group (CWT) confirmed that it proposed to acquire SJW for $68.25 per share. Subsequently, SJW rejected Cal Water's offer, having determined that it was not a superior proposal as defined in SJW's merger agreement with Connecticut Water Service (CTWS).
06/22/18
06/22/18
UPGRADE
Target $63

Buy
Eversource upgraded to Buy following pullback at Janney Montgomery Scott
As previously reported, Janney Montgomery Scott analyst Michael Gaugler upgraded Eversource (ES) to Buy from Neutral, stating that he now consider the shares attractive following the stock's "meaningful" pullback. While the company "has certainly seen some project development setbacks," the Northern Pass Project opportunity still remains active, FERC may increase the allowable ROE on transmission projects at some point and the company's bid for Connecticut Water Service (CTWS) could, if successful, provide additional investments not yet baked in, Gaugler tells investors. He raised his fair value estimate on the stock to $63 from $60.
ES Eversource
$59.14

-0.11 (-0.19%)

06/25/18
WOLF
06/25/18
UPGRADE
WOLF
Outperform
Eversource upgraded to Outperform from Peer Perform at Wolfe Research
06/25/18
06/25/18
UPGRADE

Outperform
Eversource upgraded to Outperform on valuation at Wolfe Research
As previously reported, Wolfe Research upgraded Eversource to Outperform from Peer Perform citing valuation with a $61 price target.
07/09/18
FBCO
07/09/18
UPGRADE
FBCO
Neutral
Eversource upgraded to Neutral from Underperform at Credit Suisse
07/09/18
FBCO
07/09/18
UPGRADE
FBCO
Neutral
Eversource upgraded to Neutral after underperformance at Credit Suisse
As previously reported, Credit Suisse analyst Michael Weinstein upgraded Eversource to Neutral from Undeperform as he sees a strategic turn developing toward more steady capital growth through grid modernization, pipe replacement, and electric transmission projects possibly discussed on the Q2 call. The analyst also raised his price target on the shares to $62 from $58.
SJW SJW Corp.
$66.85

0.67 (1.01%)

07/28/17
JANY
07/28/17
UPGRADE
JANY
Buy
SJW Corp. upgraded to Buy from Neutral at Janney Capital
07/28/17
07/28/17
UPGRADE
Target $59

Buy
SJW Corp. upgraded to Buy on improving outlook at Janney Capital
As previously reported, Janney Capital analyst Michael Gaugler upgraded SJW Corp. to Buy from Neutral after he increased his 2017 and 2018 forecasts on the heels of the company's better than expected Q2 report. The analyst, who cites benefits from rate cases and drought impacts that are "largely in the rear view mirror," raised his fair value estimate on SJW shares to $59 from $50.

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