Connecticut Letter to Board of Directors - Fairness Opinion
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How to fill out Letter To Board Of Directors - Fairness Opinion?
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FAQ
Fairness opinions address the fairness of the purchase price in an anticipated transaction. They are not generally required by the SEC or by statute or law, but have been considered best practice since the case of Smith v.
Some important steps in drafting the fairness opinion letter (FOL) include: Step 1: Identify the parties/companies to the transaction and the offer made, if any. Step 2: List the data available for the financial analysis. Step 3: Identify the appropriate financial model(s) based on available data.
The document is provided to the board of directors. It is an unbiased 3rd party analysis of the deal at hand. This is to protect the interests of the company, management, shareholders etc. Fairness opinions are filled with SEC and stored in the Qatalyst partners.
Fairness opinions are not always required in transactions involving public companies, but they can be helpful in reducing the risk associated with major financial actions or purchases, including the risk of litigation.
Q: What's the difference between a fairness opinion vs. valuation? A: Both are important in a large transaction. Valuation though informs an actual transaction price, while the fairness opinion concludes how reasonable that price is.
The Proposed Fairness Opinion Rule, if implemented, should allow fund advisers to select the firm that they believe is best-suited to advise them with respect to a given transaction after taking into account all relevant criteria, including, among other things, the firm's experience and reputation; the unique facts and ...
Interestingly, while fairness opinions have long been considered a best practice in transactions with the appearance of conflicts of interest, such as adviser-led secondary transactions, Rule 211(h)(2)-2 appears to be the first time that the SEC has specifically required a fairness opinion or valuation opinion in any ...
This includes both public and private companies of any size. It is considered best practice to obtain a fairness opinion for any significant transaction that could affect shareholder value, especially if the deal will receive more scrutiny, such as in: Material transactions. Related-party transactions.
