Company: AWK
Filing Date: 2025-12-17
Form Type: S-4
Source: 0001193125-25-321389
Chunk: 124

Company: American Water Works Company, Inc.
Filing Date: 2025-12-17
Form: S-4
Chunk 124
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 to any consideration received in connection with the merger by the holders of any class of securities, creditors or other constituencies of any party. In addition, no opinion or view was expressed with respect to the fairness (financial or otherwise) of the amount, nature, or any other aspect of any compensation to any of the officers, directors, or employees of any party to the merger, or class of such persons, relative to the exchange ratio. Furthermore, no opinion or view was expressed as to the relative merits of the merger in comparison to other strategies or transactions that might be available to American Water or in which American Water might engage or as to the underlying business decision of American Water to proceed with or effect the merger. In addition, BofA Securities did not express any view or opinion with respect to, and has relied, with the consent of American Water, upon the assessments of representatives of American Water regarding legal, regulatory, accounting, tax, and similar matters relating to American Water or Essential and the merger (including the contemplated benefits thereof) as to which BofA Securities understood that American Water obtained such advice as it deemed necessary from qualified professionals. BofA Securities did not express any opinion as to what the value of American Water common stock actually will be when issued or the prices at which American Water common stock or Essential common stock will trade at any time, including following announcement or consummation of the merger. In addition, BofA Securities expressed no opinion or recommendation as to how any shareholder should vote or act in connection with the merger or any related matter. BofA Securities’ opinion was necessarily based on financial, economic, monetary, market, and other conditions and circumstances as in effect on, and the information made available to BofA Securities as of, the date of its opinion. It should be understood that subsequent developments may affect BofA Securities’ opinion, and BofA Securities does not have any obligation to update, revise, or reaffirm its opinion. The issuance of BofA Securities’ opinion was approved by a fairness opinion review committee of BofA Securities. Except as described in this summary, American Water imposed no other instructions or limitations on the investigations made or procedures followed by BofA Securities in rendering its opinion. The discussion set forth below represents a brief summary of the material financial analyses presented by BofA Securities to the American Water board in connection with its opinion. The financial analyses summarized below include information presented in tabular format. In order to fully understand the financial analyses performed by BofA Securities