Connecticut Water Issues Statement Regarding Eversource Energys Intention to Launch Distracting Proxy Contest
Summary
We will not let Eversources unwarranted actions serve as an obstacle to completing the SJW Group merger, which the Board of Directors has determined is in the best interest of Connecticut Water and its stakeholders."The merger with SJW Group will maintain Connecticut Waters longstanding commitments to outstanding customer service, which will be enhanced by sharing of best practices, operational expertise and more extensive resources.In addition to retaining dedicated employee teams across its footprint, the new company will maintain Connecticut Waters environmental stewardship and strong community ties, including a focus on supporting economic development with investments in growth, safety and reliability.In addition to expanding its market reach, the increased scale and more diverse geographic footprint of the new organization provide the opportunity for investments in service and reliability that can enhance value for shareholders, customers and communities.In contrast to this pure-play water leader, Eversource Energy is predominantly an electric and gas transmission and distribution company that is launching an unsolicited acquisition proposal and disruptive, costly proxy contest in an effort to distract from its record of chronic underperformance and poor customer service, as detailed below.