SJW Group rejects California Water's acquisition proposal

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California Water Service Group has announced that it has withdrawn its revised proposal to acquire SJW Group for US$70.00 per share in cash after it was rejected by the SJW Board. California Water will also terminate its tender offer to acquire all outstanding shares of SJW common stock.

California Water claims that it made repeated attempts to engage with the SJW Board of Directors, but that the SJW Board concluded that the offer was not likely to lead to a superior transaction before commencing any discussion with California Water.

Thus, California Water has withdrawn its proposal and is focussing on other opportunities is in its stockholders best interests.

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