Eversource Remains Committed to Its Compelling Proposal for Connecticut Water


 
 
06:25 08/13/2018

Eversource Energy ES  (“Eversource”) today commented that it remains committed to its previous proposal to acquire 100% of the shares of Connecticut Water Service, Inc. CTWS  (“Connecticut Water”) for $64.00 per share in cash and/or in Eversource common shares at the election of Connecticut Water shareholders. As previously disclosed, if Connecticut Water’s proposed transaction with SJW Group SJW  (“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.



Any transaction for Connecticut Water must deliver value to each of its constituents – shareholders, customers, employees, and the communities in which it operates. Eversource’s comprehensive and compelling proposal includes a cash and/or share option for Connecticut Water shareholders, a base-rate freeze for customers through 2022, the doubling of Connecticut Water’s charitable contributions to the communities it serves, and the retention of key executives and employees, while being EPS accretive to Eversource shareholders in the first full year post-closing. The company remains committed to the merits of its previous proposal, which would maintain a locally headquartered water utility dedicated exclusively to providing communities in Connecticut and other parts of New England with premier service quality and a highly reliable water supply into the future.



Eversource notes that it has already been granted intervenor status by the Connecticut Public Utilities Regulatory Authority and the Maine Public Utilities Commission in relation to Connecticut Water’s proposed highly-leveraged takeover by San Jose Water, a California-based company with no operations on the East Coast.



As a regulated public utility with significant financial strength and a proud heritage of serving Connecticut for 150 years, Eversource has serious concerns about the impact that the proposed San Jose Water takeover may have on Connecticut Water customers, communities, and employees. Eversource’s continued participation in the regulatory review process will ensure that the regulators have full information to assess the San Jose Water takeover and what it means for these constituencies.



Eversource ES  transmits and delivers electricity and natural gas and supplies water to approximately 4 million customers in Connecticut, Massachusetts and New Hampshire. Recognized as the top U.S. utility for its energy efficiency programs by the sustainability advocacy organization Ceres, Eversource harnesses the commitment of its more than 8,000 employees across three states to build a single, united company around the mission of safely delivering reliable energy and water with superior customer service.


This article has been provided by a Chasing Markets contributor. All content submitted by this author represent their personal opinions, and should be considered as such for entertainment purpose only. All opinions expressed are those of the writer, and may not necessarily represent fact, opinions, or bias of Chasing Markets.
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