New York 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.
A Fairness Opinion Example Say that Company X has made an offer to purchase Company Z. As part of doing due diligence, the leadership board of Company Z decides to work with an objective advisory firm independent of the deal to obtain a fairness opinion.
The opinion fee may run into six or seven figures, depending on the company. Another concern in regard to the fairness opinion may arise when the work of preparing the report is assigned to an investment bank that is also involved in the acquisition transaction.
Fairness Opinion Requirement Section 1203 requires an affirmative opinion as to the fairness of the consideration offered to the shareholders of the subject corporation in any transaction involving an interested party.
Fairness opinions may also be included in proxy material provided to shareholders in charge of control transactions. The purpose of a fairness opinion is to provide an assessment of whether an offered price is fair.
A fairness opinion provides an independent, objective analysis of a proposed deal. After looking at pricing, terms and other considerations, the expert expresses a formal written opinion about whether the transaction appears to be ?fair? from a financial point of view to all parties involved.
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.
In preparing a fairness opinion, the investment advisors must look at the price, the terms of the sale, and the consideration to be received vis-a-vis the market rate for a similar transaction. When reviewing transactions, analysts try to look at the terms from the perspective of the company's investors.