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Connecticut Water Amends Merger Deal With SJW Group - Quick Facts

Connecticut Water Service, Inc. (CTWS) said that the company and SJW Group (SJW) have amended the terms of the companies' merger agreement. The amended agreement, unanimously approved by Connecticut Water's board of directors, includes a new go-shop provision.

Under the go-shop provision, Connecticut Water, with the assistance of its financial advisors, will actively solicit proposals for an alternative merger, acquisition or other strategic transaction involving Connecticut Water.

Connecticut Water said it has a right under the amended merger agreement to review and negotiate any alternative proposals received from third parties until midnight on July 14, 2018.

Carol Wallace, Chairman of the Connecticut Water Board of Directors, said, "We have heard from many stakeholders who also believe in the value and important benefits that the SJW Group merger provides for our shareholders, customers, employees and communities. We believe this additional step and public process by the Board is appropriate to allow all of our shareholders to have full confidence in the Company's strategic direction and to know that every viable alternative has been explored."

Connecticut Water and its financial advisors will begin soliciting third party indications of interest today. The company noted that Eversource Energy (ES) will be among those invited to participate.

However, Connecticut Water reaffirmed that the board does not believe that Eversource's current $63.50 per share proposal is a superior proposal to the SJW Group merger agreement.

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