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ES

Eversource

$59.09

-0.05 (-0.08%)

, CTWS

Connecticut Water

$65.46

0.18 (0.28%)

12:54
07/13/18
07/13
12:54
07/13/18
12:54

Eversource confirms full terms of revised proposal for Connecticut Water

Eversource Energy (ES) confirmed that it has submitted a revised proposal to acquire Connecticut Water Service, Inc. (CTWS), which it believes provides a superior alternative to the previously agreed takeover of Connecticut Water by SJW Group (SJW). Under the terms of Eversource's superior proposal, Eversource would 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. If the proposed transaction with San Jose Water is terminated with no break fees payable by Connecticut Water, Eversource would increase its offer to $66.00 per share of Connecticut Water. In either scenario, Eversource's proposal far exceeds the $61.86 per share offered by San Jose Water as well as the midpoint of the Connecticut Water standalone discounted cash flow of $50.90 per share that Connecticut Water's own financial advisors disclosed as part of its fairness opinion analysis. Additionally, Connecticut Water shareholders electing to receive Eversource stock would receive 76% dividend accretion compared to 2% dividend accretion in a transaction with San Jose Water. Eversource submitted its revised superior proposal confidentially on July 2, 2018 in hopes of engaging productively following an initial meeting Eversource requested on June 29, 2018 between Eversource Chairman and Chief Executive James Judge and Connecticut Water Chairman Carol Wallace and Chief Executive David Benoit. Contrary to its claims in its July 13, 2018 press release, Connecticut Water's board provided no operating or financial information during or subsequent to this meeting. Connecticut Water's board then rejected Eversource's superior proposal and refused to engage unless Eversource increased its offer to at least $69.50 per share. Eversource believes this is an unrealistic position that is wholly inconsistent with Connecticut Water's own previously disclosed financial analysis as well as current market trading dynamics. Eversource believes that the fact that Connecticut Water's board is making this $69.50 per share ultimatum while seeking shareholder approval for a transaction that it has valued at $61.86 once again demonstrates that the board has shown no interest in carrying out its fiduciary duties to pursue the best value available for its shareholders and other constituencies. Eversource has publicly confirmed the full terms of its improved superior proposal so that Connecticut Water shareholders are not misled by their board into accepting an inferior transaction with San Jose Water.

ES

Eversource

$59.09

-0.05 (-0.08%)

CTWS

Connecticut Water

$65.46

0.18 (0.28%)

SJW

SJW Corp.

$66.68

-0.17 (-0.25%)

ES Eversource
$59.09

-0.05 (-0.08%)

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.
CTWS Connecticut Water
$65.46

0.18 (0.28%)

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.
SJW SJW Corp.
$66.68

-0.17 (-0.25%)

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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