What is fairness opinion document?

In the M&A context, a fairness opinion is a document provided by the seller's investment banker to the seller's board of directors attesting to the fairness of a transaction from a financial point of view.

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Letter to Board of Directors - Fairness Opinion

Philadelphia Pennsylvania Letter to Board of Directors - Fairness Opinion

Name: Philadelphia Pennsylvania Letter to Board of Directors - Fairness Opinion
Brand: US Legal Forms
Rating: 4.64 (215 reviews)

Category:

Corporations - Public - Sale or Purchase of Capital Stock

State:

Multi-State

County:

Philadelphia

Control #:

US-CC-4-254

Format:

Instant download

Description

This sample form, a detailed Letter to Board of Directors (Fairness Opinion) document, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats.

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A couple factors make the actual construction of the Fairness Opinion especially painful: You are under extreme time pressure You get a few days, and sometimes up to a week or a bit longer. This happens because the process is last-minute and occurs only when everyone is 99% sure the deal is going through.

In the M&A context, a fairness opinion is a document provided by the seller's investment banker to the seller's board of directors attesting to the fairness of a transaction from a financial point of view.

Private company owners with controlling interests have historically not found it necessary to hire outside financial advisors to provide fairness opinions on proposed transactions.

Sometimes fairness opinions are required in the sales of public companies. Fairness opinions are most often requested as part of a merger or acquisition. Fairness opinions are not always required in transactions involving public companies, but they can be helpful in reducing litigation risk.

While not required by law,2 fairness opinions are commonly used in M&A transactions to assist the board, a special committee of the board, or other fiduciaries in assessing the fairness of the financial terms of a transaction, as of a specific date and based on a given set of assumptions.

What is a Fairness Opinion? A fairness opinion is a letter summarizing an analysis prepared by an investment bank or independent third party, which indicates whether certain financial elements in a transaction, such as price, are fair to a specific constituent, from a financial point of view.

In contrast an M&A valuation gives the management an indication or recommendation for the transaction price. Czaplinksi: A fairness opinion is limited to fairness from a financial point of view, as the individuals providing the opinion are financial and valuation professionals.

Fairness opinions are filled with SEC and stored in the EDGAR database which is available to the public. Look for a document filed as an S-4. Attached below is a Fairness opinion pdf example. It is from the LinkedIn sale to Microsoft produced by Qatalyst partners.

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Philadelphia Pennsylvania Letter to Board of Directors - Fairness Opinion

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