SJW Group Board Rejects Cal Water's Offer - Quick Facts

(RTTNews) - SJW Group (SJW) announced its Board unanimously rejected the highly-conditional unsolicited tender offer made by California Water Service Group (CWT) to acquire all outstanding shares of SJW Group at a price of $68.25 per share in cash. The Board reaffirmed its recommendation that SJW Group stockholders vote for the signed, definitive merger agreement with Connecticut Water Service, Inc. (CTWS).

The Board concluded that the Cal Water's offer neither constitutes nor is reasonably likely to lead to a SJW Superior Proposal under the company's existing merger agreement with Connecticut Water.