Artesian Resources and York Water are both small-cap water utilities in the mid-Atlantic.
A merger would take advantage of regional overlap, facilitate future M&A, and improve profitability.
An all-stock merger of equals offers a way to achieve the merger, though it would probably be tough to get family-controlled Artesian Resources to the table.
ARTNA is undervalued by most metrics and the only water utility I currently rate as a buy.
YORW has run ahead of its valuation; I'd suggest holding or staying on the sidelines unless the price comes down 30+%.