Company: AWK
Filing Date: 2025-12-17
Form Type: S-4
Source: 0001193125-25-321389
Chunk: 141

Company: American Water Works Company, Inc.
Filing Date: 2025-12-17
Form: S-4
Chunk 141
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 the exchange ratio from a financial point of view to the holders of Essential common stock. Moelis did not express any opinion as to fair value, viability or the solvency of Essential or 91

American Water following the closing of the merger. Moelis’ opinion related to the relative values of Essential and American Water. Moelis did not consider, and did not express any opinion with respect to, any transaction that Essential or American Water may undertake after the date of Moelis’ opinion. Moelis expressed no opinion as to what the value of American Water common stock actually would be when issued pursuant to the merger or the prices at which Essential common stock or American Water common stock may trade at any time. In rendering its opinion, Moelis assumed that the merger would be consummated in accordance with the terms of the merger agreement without any waiver or modification that could be material to its analysis, that the representations and warranties of each party set forth in the merger agreement were accurate and correct, and that the parties to the merger agreement would comply with all the material terms of the merger agreement. Moelis assumed that all governmental, regulatory or other consents or approvals necessary for the completion of the merger would be obtained, except to the extent that could not be material to its analysis. In addition, representatives of Essential advised Moelis, and Moelis assumed, that the merger would qualify as a tax free reorganization for federal income tax purposes. Moelis was not authorized to solicit and did not solicit indications of interest in a possible transaction with Essential from any party. Moelis’ opinion was necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Moelis as of, the date of its opinion, and Moelis assumed no responsibility to update its opinion for developments after the date of its opinion. Moelis’ opinion did not address the fairness of the merger or any aspect or implication thereof to, or any other consideration of or relating to, the holders of any class of securities, creditors or other constituencies of Essential, other than the fairness of the exchange ratio from a financial point of view to the holders of Essential common stock. In addition, Moelis did not express any opinion as to the fairness of the amount or nature of any compensation to be received by any officers, directors or employees of any parties to the merger, or any class of such persons, relative to the exchange ratio or otherwise. Moelis’ opinion was