California Water Service Group has announced that it has commenced a tender offer to acquire all outstanding shares of SJW Group, a holding company of utilities operating in the San Jose metropolitan area of California. for US$68.25 per share in cash. The offer is scheduled to expire at 17:00., New York City time, on 3 August 2018, unless the offer is extended.

On 4 April 2018, California Water made a private proposal to acquire SJW for US$68.25 per share in cash, which exceeds SJW’s all-time high closing share price, and represents a 30% premium to SJW’s share price at the time of California Water’s proposal.

The SJW Board refused to engage with this offer, prompting California Water to take its proposal directly to SJW stockholders in the form of a tender offer. The offer has no financing or due diligence conditions.