I have followed various water stocks since 1997. There is a chapter concerning purchasing water utilities in my book published in 2002. In May of 2002, Philadelphia Suburban - now Aqua America (NYSE:WTR) - offered to buy Nashua NH-based Pennichuck Water Company for 1.38 shares of WTR for each share of Pennichuck, or a value of $33 a share. Back then, I was a shareholder of both firms. The citizens of Nashua became incensed at the thought of having their city water resources controlled by an outside company, and voted to counter the merger proposal with an offer to take the company private with the municipality as sole owner. While this action went against the continuing trend of...
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