By Mitchell Young
CLINTON: The water war over the purchase of Connecticut Water Service [Nasdaq: CTWS] is heating up and the rhetoric at least is nearing a boiling point. CWS announced that it would be open to bids through July 4 in addition to the purchase it had previously agreed to, from the San Jose Water Group [NYSE:SJW].
On June6 the company released a statement in response to criticism from Eversourcethe statement reiterated it was open to new offers “including one from Eversource [NYSE: ES].”
Eversource had submitted a formal offer for purchase of CTWS on April 17 but it was rejected by CTWS’s board. In the company’s statement to solicit new bids said that it was open to Eversource’s bid but that it was inadequate and “did not fairly value” the company.
Apparently that turned up the heat in Boston as Eversource released a statement on June 6 saying it “strongly criticized the recently disclosed amendments to the [existing, with SWJ] merger agreement” and that the recent actions taken by Connecticut Water reinforce that its board and management team are not seriously considering the superior proposal by Eversource.”
|Connecticut Water Board Chair, Carol Wallace: Board Opens Bids for Company.|
CLINTON: After weeks of refusing to address a merger proposal by Eversource, the Connecticut Water Service [NASDAQ: CTWS] has announced it will begin new solicitation of bids for the purchase of the company.
In March the company announced it had agreed to a merger with the San Jose Water Group [SJW Group NYSE: SJW] and the companies filed merger papers on May 7.
The new company announcement includes that SWG has also agreed to the solicitation of new bids through July 4, 2018.
By Mitchell Young
BOSTON, MA, PROVIDENCE, RI, ORANGE: United Illuminating parent company Avangrid [NYSE AGR] based in Orange has been selected along with its Danish partner Copenhagen Infrastructure Partners by the Commonwealth of Massachusetts to build their Vineyard Wind, an 800-megawatt offshore wind power plant 15 miles south of Martha's Vineyard, featuring as many as 100 turbines.
Avangrid is a publicly traded subsidiary of the Spanish energy giant Iberdola which owns approximately 80% of the company. Avantgrid’s Avantgrid Renewals, subsidiary based in Portland Oregon, bought a 50% interest in the offshore project, one year ago.
Avangrid is itself a diversified energy and utility company, with more than $31 billion in assets and operations in 27 states with regulated utilities and electricity generation through two primary lines of business. Avangrid Networks is comprised of eight electric and natural gas utilities, serving approximately 3.2 million customers in New York and New England.
|Everource'Judge, wants Connecticut Water. Asking stockholders to weigh in.||California Water's Kropelnicki say's his deal is better for San Jose Water, than the Connecticut Water Purchase|
SAN JOSE: HARTFORD: Connecticut’s cross country water war over the acquisition of Connecticut Water Services [Nasdaq:CWS] by the San Jose Group [Nasdaq: SJW] has taken on two new but expected battlefronts.
Would be acquirers Eversource [NYSE:EV] and and California Water Service Group [Nasdaq: CWT] respectively have both made preliminary filings with the U.S. Securities and Exchange Commission [SEC] indicating potential proxy fights.
Eversource made an offer on April 17, to purchase the CWS just as it had agreed to a takeover by the SJW.
Eversource’s filing said it wants “to urge Connecticut Water Service, Inc.'s (“Connecticut Water”) (CTWS) shareholders to vote “AGAINST” the SJW Group merger proposal, “AGAINST” the compensation proposal, and “AGAINST” the adjournment proposal.”
NEW HAVEN: A collaboration led by Pirie Associates Architects, with New Haven based sculptor Gar Waterman and Branford “energy expert” and architect Lindsay Suter designed a public art piece for the waterfront of downtown Willimantic. The design was created as part of the most recent Land Art Generator Institute’s [LAGI design competition for construction on the site.. The team’s effort won and the trio was presented with an award for their project design at Connecticut Arts Day on April 25.
Rio Iluminado is an unusual, innovative and what Inhabit a design Weblog magazine called a “spectacular energy generating artwork."
LAGI’s most recent design competition was a partnership with the Willimantic Whitewater Partnership (WWP).
HARTFORD: Eversource Energy, New England’s largest public utility company made an offer on April 5th to purchase the Connecticut Water Service, which it disclosed on Thursday April 19th.
CTWS had previously agreed to be acquired by the SJW Group, [NYSE: SJW, San Jose Water] in an all stock deal at $61.86 per share in March, but the deal is worth $63.70 per share after a rise in SJW shares.
CTWS has said that it has rejected Eversource’s offer, which some investors might consider better. Eversource proposed to acquire all of the outstanding shares of Connecticut Water common stock for $63.50 per share in cash and/or in Eversource common stock at the election of Connecticut Water shareholders.
CLINTON: The CT Water Service [Nasdaq: CTWS] is merging with San Jose based SJW Group, [NYSE: SJW, San Jose Water Company].
SJW’s CEO and chairman Eric W. Thornburg will be the CEO and chairman of the combined company. Thornburg was CEO of CWS until last September when he resigned to become CEO of SJW. CWS had a market cap of approximately $660 million before the announcement and San Jose $1 billion.
Thornburg said of the merger, “This transformational merger of equals joins two leading and complementary water utility companies.”
DANBURY: 2018 is starting off a little better for FuelCell Energy, Inc. [Nasdaq:FCEL] as the company has signed a 20-year power purchase agreement with the Campbell Soup Company [NYSE: CPB], to install two SureSource 3000™ fuel cells that will generate 5MW of power at its Bakersfield, California manufacturing site, of Bolthouse Farms brand beverages, carrots and dressings.
According to the company FuelCell Energy will “provide a comprehensive turn-key project solution that includes engineering, procurement, construction, and maintenance services under a 20-year power purchase agreement. The combined heat and power (CHP) fuel cell system will provide electricity and steam that will lead to a reduction in energy costs while enhancing power reliability from on-site power generation.”