August 17, 2018 / 11:31 AM / 3 months ago

SJW Group CEO says utility rejects CalWater's $1.45 bln takeover bid

NEW YORK, Aug 17 (Reuters) - SJW Group has rejected the latest takeover offer from California Water Service Group , SJW's chief executive officer told Reuters on Friday, as it remains focused on completing its acquisition of Connecticut Water Service Inc.

CalWater announced late on Monday a revised all-cash proposal to acquire San Jose-based SJW for $70 per share, valuing it at around $1.45 billion, having had a lower bid rejected in April.

"The board, after careful review with our advisers and management, decided to stay the course with Connecticut Water, as we believe in the power of the deal which we have," SJW CEO Eric Thornburg told Reuters in an interview.

CalWater did not immediately respond to a request for comment. (Reporting by David French Editing by Paul Simao)

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