An investigation on behalf of investors of Connecticut Water Service, Inc. (NASDAQ: CTWS) in connection with the proposed takeover was announced.
San Diego, CA -- (SBWIRE) -- 03/23/2018 -- The acquisition of Connecticut Water Service, Inc. is under investigation over possible wrongdoing.
Investors who purchased shares of Connecticut Water Service, Inc. (NASDAQ: CTWS) and currently hold any of those NASDAQ: CTWS shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Connecticut Water Service, Inc. breached their fiduciary duties owed to NASDAQ: CTWS investors in connection with the proposed acquisition.
Clinton, CT based Connecticut Water Service, Inc., together with its subsidiaries, operates as a regulated water company. On March 15, 2018, SJW Group (NYSE: SJW) and Connecticut Water Service, Inc. (NASDAQ: CTWS) announced that both companies' boards of directors have approved an agreement to combine through a merger of equals to create the 3rd largest investor-owned water and wastewater utility in the United States , based on pro forma enterprise value and combined rate base. Under the terms of the agreement, Connecticut Water Service, Inc. (NASDAQ: CTWS) shareholders will receive 1.1375 shares of SJW Group common stock for each share of Connecticut Water common stock they own, the equivalent of $61.86 per share, or about $750 million in the aggregate, based on SJW Group's closing stock price as of March 14, 2018 , and the agreed upon exchange ratio.
However, the investigation concerns whether the offer is unfair to NASDAQ: CTWS stockholders. More specifically, the investigation concerns whether the Connecticut Water Service Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
On March 22, 2018, shares of Connecticut Water Service, Inc. (NASDAQ: CTWS) closed at $60.82 per share.
Those who are current investors in Connecticut Water Service, Inc. (NASDAQ: CTWS) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com