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  "documentTitle": "Essential Utilities, Inc. (WTRG)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-03-08 00:00:00",
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  "notes": "The slide highlights the loss of WTRG's local advantage due to increased market competition.",
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      "text": "What was most surprising to city officials, is that a Florida firm with no presence in the state made an offer 113% higher than WTRG’s $54.1 million offer.",
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      "text": "On February 12th, PFM distributed the Township's RFQ electronically to over 100 different firms... The Township has received letters of intent from five different firms.",
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      "text": "bid premium: 113%",
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      "text": "WTRG was an early mover in the acquisition and roll-up of water and wastewater municipal assets in the early '90s/'00s. However, the landscape of potential buyers... has vastly changed the playing field.",
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      "kind": "quote",
      "text": "“A Florida company’s $115 million sewer bid stuns a suburban Philly town,” Aug 21, 2022, Philadelphia Inquirer — Footnote (1)",
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      "text": "(1) “A Florida company's $115 million sewer bid stuns a suburban Philly town,” Aug 21, 2022, Philadelphia Inquirer",
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      "kind": "source-note",
      "text": "Source: Towamencin Public Records, Feb 2021 Status Report",
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      "text": "Bidder (Location) | Bid $ mm | Premium To WTRG's Bid | Essential Utilities (PA) | $54.1 | -- | Pennsylvania American Water (PA) | $92.4 | 71% | NexTera Water (FL) | $115.3 | 113%",
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      "kind": "title",
      "text": "A Recent Auction Process In WTRG's Home Turf Shows How Competitive Acquisitions Have Become",
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