Virginia 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 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 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.
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.
In Canada, other than mandatory valuations provided in connection with conflicted transactions governed by Multilateral Instrument 61-101 (MI 61-101), fairness opinions are not legally mandated. Their role is to assist the board in fulfilling the directors' fiduciary duties (i.e., their duty of care).
A fairness opinion is a financial advisor's perspective as to whether the price to be paid or received in a transaction is fair to the client's shareholders.
Fairness opinions are based on objective, independent analyses performed by experienced financial experts that include not only a valuation (including full financial due diligence on the underlying business), but a review of the transaction's financial structure, the type and timing of the deal, and the financial and ...
Fairness opinions are written by qualified analysts or advisors, usually from an investment bank, and are provided to these key decision-makers for a fee.
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.
