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SJW

SJW Corp.

$63.47

-0.39 (-0.61%)

, CTWS

Connecticut Water

$62.61

0.19 (0.30%)

07:32
08/06/18
08/06
07:32
08/06/18
07:32

SJW Corp. to acquire all Connecticut Water shares for $70 per share in cash

SJW Group (SJW) and Connecticut Water Service (CTWS) announced that they have amended the terms of their previously announced merger agreement from a stock-for-stock transaction to an all-cash acquisition of all outstanding common shares of Connecticut Water by SJW Group for $70.00 per Connecticut Water common share. The cash transaction, which has a value of $1.1 billion and an equity purchase price of $843 million, is expected to be immediately accretive to SJW Group's earnings per share in 2019, increasing each year thereafter to high single-digit percentage EPS accretion in 2021. The SJW Group and Connecticut Water Service Board of Directors each approved the amended merger agreement to help facilitate the closing of the companies' transformative combination and ensure that their shareholders, customers, employees and communities realize its significant benefits. The respective Boards also believe that the $70.00 per share cash consideration will resolve any market distractions resulting from otherwise-inferior proposals for Connecticut Water. The amended merger agreement was unanimously approved by the Connecticut Water Board of Directors and by all SJW Group directors other than Eric Thornburg, who abstained from voting due to his ownership of Connecticut Water shares and the all-cash nature of the acquisition. Following the close of the all-cash merger, SJW Group's Board of Directors will expand by two seats, with the two vacancies to be filled by current Connecticut Water Service directors to be appointed by SJW Group to further bolster the Board's expertise in the New England market. The combined company's headquarters will be located in San Jose, CA, and its New England headquarters will be located in Clinton, CT. Members of Connecticut Water's current executive team are expected to lead the New England region of the combined company. The combined company will be called SJW Group, with the New England organization known as Connecticut Water Service, Inc., and each of the company's current operating subsidiaries will continue to operate under their existing brand names. The revised transaction, which is expected to close in the first quarter of 2019, is subject to customary closing conditions and approvals, including the approval of Connecticut Water shareholders, the approvals of the Connecticut Public Utilities Regulatory Authority and the Maine Public Utilities Commission and the approval of the Federal Communications Commission. The transaction is not subject to any financing condition. The revised transaction does not require approval from SJW Group shareholders and the previously anticipated special meeting of SJW Group shareholders to vote on the revised transaction will not take place.

SJW

SJW Corp.

$63.47

-0.39 (-0.61%)

CTWS

Connecticut Water

$62.61

0.19 (0.30%)

ES

Eversource

$60.92

0.92 (1.53%)

SJW SJW Corp.
$63.47

-0.39 (-0.61%)

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).
CTWS Connecticut Water
$62.61

0.19 (0.30%)

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.
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
$60.92

0.92 (1.53%)

08/03/18
BOFA
08/03/18
UPGRADE
BOFA
Neutral
Eversource upgraded to Neutral from Underperform at BofA/Merrill
08/03/18
BOFA
08/03/18
UPGRADE
BOFA
Neutral
Eversource upgraded to Neutral from Underperform at BofA/Merrill
08/03/18
08/03/18
UPGRADE
Target $62

Neutral
Eversource upgraded to Neutral at BofA/Merrill
As previously reported, BofA/Merrill upgraded Eversource to Neutral from Underperform and raised its price target to $62 from $61. Analyst Julien Dumoulin-Smith said the story has been de-risked with no major capex projects left.
08/03/18
08/03/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Allergan (AGN) upgraded to Buy from Neutral at Mizuho with analyst Irina Koffler saying she views Allergan's risk/reward more favorably following the company's "strong" beat and raise quarter and the delayed introduction of Restasis generics. 2. Pacira (PCRX) upgraded to Buy from Hold at Needham with analyst Serge Belanger citing "strong" Q2 performance of Exparel, where sales growth is accelerating while the company engages more of the anesthesiologist community. 3. Entergy (ETR) upgraded to Buy from Neutral at UBS with analyst Daniel Ford saying the stock no longer warrants a discount associated with nuclear decommissioning and operating performance risk. 4. Eversource (ES) upgraded to Neutral from Underperform at BofA/Merrill with analyst Julien Dumoulin-Smith saying the story has been de-risked with no major capex projects left. 5. TripAdvisor (TRIP) upgraded to Hold from Underperform at Needham with analyst Laura Martin saying while the company's pivot to competing as an online travel agent has failed, its focus to grow its non-hotel businesses is a "higher ROI idea." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

ATTO

Atento

$3.95

0.06 (1.54%)

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TRHC

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GIS

General Mills

$47.24

-0.365 (-0.77%)

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TRN

Trinity Industries

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-0.25 (-1.10%)

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TIGR

UP Fintech

$0.00

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SND

Smart Sand

$4.27

-0.4 (-8.57%)

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LYFT

Lyft

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DERM

Dermira

$14.13

1.52 (12.05%)

19:40
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NVRO

Nevro

$44.76

0.37 (0.83%)

19:38
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TORC

ResTORbio

$7.16

-1.81 (-20.18%)

19:34
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ResTORbio 7.2M share Secondary priced at $6.95 »

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NVRO

Nevro

$44.76

0.37 (0.83%)

19:33
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PFE

Pfizer

$42.32

0.51 (1.22%)

, MKGAY

Merck KGaA

$0.00

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PFE

Pfizer

$42.32

0.51 (1.22%)

MKGAY

Merck KGaA

$0.00

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GOOG

Alphabet

$1,199.71

16.05 (1.36%)

, GOOGL

Alphabet Class A

$1,203.13

15.04 (1.27%)

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Google outlines changes to Android mobile options, ad formats in Europe »

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GOOG

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$1,199.71

16.05 (1.36%)

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Alphabet Class A

$1,203.13

15.04 (1.27%)

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GOOG

Alphabet

$1,199.71

16.05 (1.36%)

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Alphabet Class A

$1,203.13

15.04 (1.27%)

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Google offers Android, product ad concessions for Europe, WSJ says »

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SMAR

Smartsheet

$43.51

-0.16 (-0.37%)

, SCS

Steelcase

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FDX

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PRNB

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LGIH

LGI Homes

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SAGE

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QTRX

Quanterix

$24.59

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AIHS

Senmiao Technology

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INVH

Invitation Homes

$23.31

-0.23 (-0.98%)

18:54
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PULM

Pulmatrix

$1.70

-0.09 (-5.03%)

18:53
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SIEN

Sientra

$8.81

-0.4 (-4.34%)

18:51
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INVH

Invitation Homes

$23.31

-0.23 (-0.98%)

18:50
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FDX

FedEx

$181.50

-0.92 (-0.50%)

18:45
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FedEx CEO: Domestic business is pretty good »

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LYFT

Lyft

$0.00

(0.00%)

18:41
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Periodicals
Lyft IPO oversubscribed so far, Reuters reports »

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