An investigation on behalf of investors, who currently hold shares of Connecticut Water Service, Inc. (NASDAQ: CTWS), was announced concerning whether the takeover of Connecticut Water Service, Inc. is unfair to NASDAQ: CTWS stockholders.

The investigation by a law firm concerns whether certain officers and directors of Connecticut Water Service, Inc. breached their fiduciary duties owed to NASDAQ: CTWS investors in connection with the proposed acquisition.

Clinton, CT based Connecticut Water Service, Inc., together with its subsidiaries, operates as a regulated water company. On March 15, 2018, SJW Group (NYSE: SJW) and Connecticut Water Service, Inc. (NASDAQ: CTWS) announced that both companies' boards of directors have approved an agreement to combine through a merger of equals to create the 3rd largest investor-owned water and wastewater utility in the United States , based on pro forma enterprise value and combined rate base. Under the terms of the agreement, Connecticut Water Service, Inc. (NASDAQ: CTWS) shareholders will receive 1.1375 shares of SJW Group common stock for each share of Connecticut Water common stock they own, the equivalent of $61.86 per share, or about $750 million in the aggregate, based on SJW Group's closing stock price as of March 14, 2018 , and the agreed upon exchange ratio.

However, the investigation concerns whether the offer is unfair to NASDAQ: CTWS stockholders. More specifically, the investigation concerns whether the Connecticut Water Service Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

Connecticut Water Service, Inc reported that its annual total Revenue rose from $98.66 million in 2016 to $107.05 million in 2017 and that its Net Income increased from $23.38 million in 2016 to $25.05 million in 2017.