BIW Biw Limited

ITEM 2.01. COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.

CLOSING OF MERGER TRANSACTION

On January 16, 2008, pursuant to an Agreement and Plan of Merger, dated June 29, 2007 (the "Merger Agreement"), among BIW Limited ("BIW"), South Central Connecticut Regional Water Authority ("RWA") and RWA21, Ltd. ("Acquisition Sub"), Acquisition Sub merged with and into BIW (the "Merger"). BIW is the surviving corporation in the Merger and, as a result, is a wholly-owned subsidiary of RWA. Pursuant to the terms of the Merger Agreement, former BIW stockholders are entitled to receive $23.75 per share in cash for each share of BIW common stock outstanding at the effective time of the Merger and former option holders are entitled to receive $23.75 less the exercise price of each outstanding stock option outstanding at the effective time of the Merger, in each case without interest and less any applicable withholding taxes, as consideration for the Merger. Effective January 16, 2008, BIW common stock ceased trading on the American Stock Exchange.

The foregoing description of the Merger Agreement (including the description of the consideration paid in connection with the Merger) is qualified in its entirety by reference to the Merger Agreement, a copy of which is filed as Exhibit 2.1 to BIW's Current Report filed on Form 8-K on June 29, 2007 and incorporated by reference herein, as amended by a clarification and waiver letter dated August 7, 2007, a copy of which is filed as Exhibit 2.1 to BIW's Current Report filed on Form 8-K on August 13, 2007 and incorporated by reference herein.

CLOSING OF RELATED ASSET SALE

As contemplated by the Merger Agreement and as set forth in an Asset Purchase Agreement (the "Asset Purchase Agreement") dated June 29, 2007, The Connecticut Water Company, a Connecticut corporation (the "Buyer") completed the purchase of certain assets and the assumption of certain liabilities of BIW, including assets that RWA is not lawfully permitted to acquire in connection with the Merger. The purchase price for such assets is $3,490,000 paid in cash to the Seller at closing.

The foregoing description of the Asset Purchase Agreement and transactions pursuant thereto does not purport to be complete and is qualified in its entirety by reference to the Asset Purchase Agreement, a copy of which is filed as Exhibit 2.2 to BIW's Current Report filed on Form 8-K on June 29, 2007 and incorporated by reference herein.