<SEC-DOCUMENT>0001193125-18-251081.txt : 20180817
<SEC-HEADER>0001193125-18-251081.hdr.sgml : 20180817
<ACCEPTANCE-DATETIME>20180817074934
ACCESSION NUMBER:		0001193125-18-251081
CONFORMED SUBMISSION TYPE:	SC 14D9/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20180817
DATE AS OF CHANGE:		20180817

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SJW GROUP
		CENTRAL INDEX KEY:			0000766829
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				770066628
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 14D9/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-36500
		FILM NUMBER:		181024733

	BUSINESS ADDRESS:	
		STREET 1:		110 W. TAYLOR STREET
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95110
		BUSINESS PHONE:		4082797800

	MAIL ADDRESS:	
		STREET 1:		110 W. TAYLOR STREET
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SJW CORP
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SJW GROUP
		CENTRAL INDEX KEY:			0000766829
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				770066628
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 14D9/A

	BUSINESS ADDRESS:	
		STREET 1:		110 W. TAYLOR STREET
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95110
		BUSINESS PHONE:		4082797800

	MAIL ADDRESS:	
		STREET 1:		110 W. TAYLOR STREET
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SJW CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 14D9/A
<SEQUENCE>1
<FILENAME>d596356dsc14d9a.htm
<DESCRIPTION>SC 14D9/A
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<HTML><HEAD>
<TITLE>SC 14D9/A</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Amendment
No.&nbsp;3 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>to </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14D-9 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Rule&nbsp;14d-101) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SOLICITATION/RECOMMENDATION STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>UNDER SECTION&nbsp;14(d)(4) OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>SJW GROUP </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of
Subject Company) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SJW GROUP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Statement) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Common Stock, par value $0.001 per share </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Title of Class&nbsp;of Securities) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>784305104 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(CUSIP Number
of Class&nbsp;of Securities) </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Suzy Papazian </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>General
Counsel and Corporate Secretary </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SJW Group </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>110 West Taylor Street </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>San Jose, California 95110 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(408) 279-7800 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name,
Address and Telephone Number of Person Authorized to </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Receive Notices and Communications on Behalf of the Person(s) Filing Statement)
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Copies to: </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Leif B. King </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Kenton J.
King </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pankaj K. Sinha </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>525 University Avenue, Suite 1400 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Palo Alto, California 94301 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(650) 470-4500 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Check the box if the filing relates solely to preliminary communications made before the commencement of a
tender offer. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Amendment No.&nbsp;3 to Schedule 14D-9 (this &#147;<U>Amendment No.&nbsp;3</U>&#148;) amends and
supplements Amendment No.&nbsp;2 (&#147;<U>Amendment No.&nbsp;2</U>&#148;) to the Solicitation/Recommendation Statement on Schedule 14D-9 filed with the Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;) on August&nbsp;9, 2018 (together
with any exhibits and annexes attached thereto, the &#147;<U>Statement</U>&#148;), by SJW Group, a Delaware corporation (&#147;<U>SJW</U>&#148; or the &#147;<U>Company</U>&#148;). Amendment No.&nbsp;2 amended and restated in its entirety the
Company&#146;s Schedule 14D-9 filed with the SEC on June&nbsp;15, 2018, as amended and supplemented by Amendment No.&nbsp;1 to Schedule 14D-9 filed with the SEC on June&nbsp;26, 2018. The Statement relates to the offer by Waltz Acquisition Sub,
Inc., a Delaware corporation (the &#147;<U>Offeror</U>&#148;), which, according to the Schedule TO (as defined below), is a wholly owned subsidiary of California Water Service Group, a Delaware corporation (&#147;<U>California Water</U>&#148;),
pursuant to which the Offeror has offered to acquire all of the outstanding Shares at a price of $68.25 per Share net to the seller in cash, without interest and less any required withholding taxes. The value of the consideration offered, together
with all of the terms and conditions applicable to the tender offer, is referred to in this Amendment No.&nbsp;3 as the &#147;Offer.&#148; The Offer is subject to the terms and conditions set forth in the Tender Offer Statement on Schedule TO filed
by the Offeror and California Water with the SEC on June&nbsp;7, 2018, as amended by Amendment No.&nbsp;1 to the Tender Offer Statement on Schedule TO filed on June&nbsp;21, 2018, Amendment No.&nbsp;2 to the Tender Offer Statement on Schedule TO
filed on June&nbsp;29, 2018, Amendment No.&nbsp;3 to the Tender Offer Statement on Schedule TO filed on July&nbsp;20, 2018 and Amendment No.&nbsp;4 to the Tender Offer Statement on Schedule TO filed on August&nbsp;13, 2018. All information regarding
the Offer as set forth in the Statement, including all exhibits and annexes that were previously filed with the Statement, is hereby expressly incorporated by reference into this Amendment No.&nbsp;3, except that such information is hereby amended
and supplemented to the extent specifically provided for herein. Capitalized terms used but not defined in this Amendment No.&nbsp;3 have the meanings ascribed to them in the Statement. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>The Solicitation or Recommendation </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The section entitled &#147;<U>Background</U>&#148; on pages 10-18 of the Statement is supplemented by adding the following at the end of such section: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On August&nbsp;10, 2018, SJW received a letter from California Water with respect to its proposal to acquire all of the issued and outstanding shares of SJW in
an all-cash transaction for $70.00 per share (the &#147;<U>August 10 Proposal</U>&#148;). The Board, members of SJW management, Skadden and J.P. Morgan were promptly informed of the receipt of the August&nbsp;10 Proposal. In addition, in accordance
with the terms of the Revised Merger Agreement, SJW promptly notified CTWS of the receipt of the August&nbsp;10 Proposal and that the Board planned to review and consider the August&nbsp;10 Proposal in consultation with its legal counsel and
financial advisor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On August&nbsp;13, 2018, California Water filed an Amendment No.&nbsp;4 to the Schedule TO with the SEC. In such filing, California
Water described the August&nbsp;10 Proposal and also clarified that such August&nbsp;10 Proposal &#147;does not amend or otherwise modify the Offer to acquire all outstanding SJW shares for $68.25 per share in cash,&#148; noting that, unlike the
August&nbsp;10 Proposal, the Offer is not subject to &#147;due diligence or transaction documentation conditions.&#148; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On August&nbsp;15, 2018, the SJW finance committee held a meeting with members of SJW management and the
Board&#146;s financial and legal advisors in attendance. At the meeting, the SJW finance committee received legal and financial advice. The SJW finance committee discussed the August&nbsp;10 Proposal, including a comparison of its terms to the
Offer, but no decision or recommendation was made. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On August&nbsp;16, 2018, the Board held a meeting with members of SJW management and the Board&#146;s
financial and legal advisors in attendance. At the meeting, the Board was presented with the August&nbsp;10 Proposal and received legal advice regarding the provisions of the Revised Merger Agreement setting forth SJW&#146;s obligations with respect
to the August&nbsp;10 Proposal and the directors&#146; fiduciary duties in connection with considering the August&nbsp;10 Proposal. The Board also received financial advice regarding the financial terms of the August&nbsp;10 Proposal. Following
discussion, including with respect to a comparison of the August&nbsp;10 Proposal and the Offer, the Board determined that the August&nbsp;10 Proposal was not in the best interests of SJW and its stockholders and neither constituted nor was
reasonably likely to lead to a Superior SJW Proposal (as defined in the Revised Merger Agreement). The Board also considered the terms of the Offer, which remained unchanged by the August&nbsp;10 Proposal, and again determined that the Offer
continues not to constitute a Superior SJW Proposal and recommended that SJW&#146;s stockholders reject the Offer and not tender their Shares into the Offer. Such resolutions were approved by all SJW directors other than Mr.&nbsp;Thornburg, who
abstained from voting due to his ownership of CTWS shares and the all-cash nature of the Revised Merger. The following morning, SJW issued a press release announcing the Board&#146;s consideration and rejection of the August&nbsp;10 Proposal and the
reaffirmation of its recommendation that SJW&#146;s stockholders reject the Offer and not tender their Shares into the Offer. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Amendment No.&nbsp;3 is true, complete and
correct. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="5">SJW GROUP</TD></TR>
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<TD HEIGHT="16" COLSPAN="4"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ James P. Lynch</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">James P. Lynch</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief&nbsp;Financial Officer and Treasurer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Dated: August 17, 2018 </P>
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