California Water Announces Extension of its Cash Tender Offer for All Outstanding Shares of SJW Group
July 20 2018 - 05:00PM
Business Wire
California Water Reaffirms Its Commitment to a
Combination with SJW
California Water Service Group (NYSE:CWT) (“California Water”)
announced today it is extending the expiration time of its tender
offer for shares of SJW Group (NYSE:SJW) (“SJW”) from 5:00 p.m.,
New York City time, on August 3, 2018 to 5:00 p.m., New York City
time, on September 28, 2018. The extension is driven by SJW’s delay
in calling its special meeting of stockholders to vote on the
merger with Connecticut Water Service, Inc. (“Connecticut
Water”).
California Water commenced the all-cash tender offer to acquire
all outstanding shares of SJW for $68.25 on June 7, 2018.
California Water’s offer represents a 30 percent premium over SJW’s
closing stock price on April 3, 2018, the last trading day before
California Water submitted its proposal to SJW in writing.
California Water continues to believe its tender offer provides
far greater value to SJW stockholders and is therefore
significantly superior to the highly conditioned proposed merger
with Connecticut Water. Accordingly, California Water reaffirms its
commitment to closing a combination with SJW.
Important Additional Information
This communication is provided for informational purposes only
and is neither an offer to purchase nor a solicitation of an offer
to sell any shares of the common stock of SJW or any other
securities. California Water and its wholly owned subsidiary, Waltz
Acquisition Sub, Inc., have commenced a tender offer for all
outstanding shares of common stock of SJW and has filed with the
Securities and Exchange Commission (“SEC”) a tender offer statement
on Schedule TO (including an Offer to Purchase, a Letter of
Transmittal and related documents), which will be amended as
necessary. These documents contain important information, including
the terms and conditions of the tender offer, and stockholders of
SJW are advised to carefully read these documents before making any
decision with respect to the tender offer.
Computershare Trust Company, N.A., the depositary for the tender
offer, has advised the California Water that as of the close of
business on July 19, 2018, 5,632 shares have been properly tendered
pursuant to the offer and not properly withdrawn.
About California Water Service Group
California Water Service Group is the parent company of
California Water Service, Washington Water Service, New Mexico
Water Service, Hawaii Water Service, CWS Utility Services, and HWS
Utility Services. Together, these companies provide regulated and
non-regulated water service to approximately 2 million people in
more than 100 California, Washington, New Mexico, and Hawaii
communities. California Water Service Group’s common stock trades
on the New York Stock Exchange under the symbol “CWT.” Additional
information is available online at www.calwatergroup.com.
Copies of the Offer to Purchase, Letter of Transmittal, and
other related materials are available free of charge from Innisfree
M&A Incorporated at (888) 750-5834 (banks and brokers may call
collect at (212) 750-5833), or on the SEC’s website, at
www.sec.gov. California Water’s other public filings with the SEC,
including annual reports on Form 10-K, quarterly reports on Form
10-Q and current reports on Form 8-K, are also available for free
on the SEC’s website at www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20180720005494/en/
Investors:California Water Service GroupThomas Smegal,
408-367-8200orInnisfree M&A IncorporatedScott Winter,
212-750-5833orMedia:California Water Service GroupShannon
Dean, 408-367-8243orSard Verbinnen & CoMeghan Gavigan/David
Isaacs, 415-618-8750
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