1
CTI QuickTip - Differences Between ESOP Fair Market Valuations and Transaction Fairness Opinions
CTI QuickTip - Differences Between ESOP Fair Market Valuations and Transaction Fairness Opinions
DATE: 2012/05/02::
2
Voting Isn
Voting Isn't Real, Just the Rigging of the Opinion of Fairness
DATE: 2015/03/19::
3
Poll shows Ugandans doubt fairness of 2016 polls
Poll shows Ugandans doubt fairness of 2016 polls
DATE: 2015/03/20::
4
OTES Rant #1 Fairness of Student Growth Measures in Ohio
OTES Rant #1 Fairness of Student Growth Measures in Ohio
DATE: 2014/07/29::
5
The Fairness Doctrine, Is It Really Fair?
The Fairness Doctrine, Is It Really Fair?
DATE: 2009/06/08::
6
Review - Nivea Natural Fairness Skin Care Range
Review - Nivea Natural Fairness Skin Care Range
DATE: 2014/12/25::
7
"Fairness Doctrine" = Unfair = censorship
"Fairness Doctrine" = Unfair = censorship
DATE: 2008/02/21::
8
Send in the Worms!! - Head2Head plays Worms
Send in the Worms!! - Head2Head plays Worms
DATE: 2014/10/29::
9
Ambassador Chaudhry
Ambassador Chaudhry's Video Response to Andrei from Ungheni
DATE: 2010/07/30::
10
Microeconomics - 83: Fairness and Rent Ceilings
Microeconomics - 83: Fairness and Rent Ceilings
DATE: 2012/01/14::
11
Will Hutton on fairness
Will Hutton on fairness
DATE: 2011/03/24::
12
Finally Fast Review - Now With 100% More Fairness
Finally Fast Review - Now With 100% More Fairness
DATE: 2011/08/16::
13
Obama
Obama's Speech On Fairness, Fair Share, Income Inequality Vs Milton Friedman
DATE: 2011/12/08::
14
Fairness For Victims Act
Fairness For Victims Act
DATE: 2011/03/31::
15
Poet Presentation Part 1
Poet Presentation Part 1
DATE: 2013/03/03::
16
Where
Where's The "Fairness"? Debate Over The Fairness Doctrine!
DATE: 2009/02/08::
17
Freedom or Fairness?
Freedom or Fairness?
DATE: 2009/02/26::
18
The Value of a Brand in M&A
The Value of a Brand in M&A
DATE: 2014/05/15::
19
Dr. Devendra Opinion and health tips on jaundice
Dr. Devendra Opinion and health tips on jaundice
DATE: 2014/06/19::
20
Power of the Market - Fairness
Power of the Market - Fairness
DATE: 2008/09/18::
21
Media Fairness Caucus: National Media Ignore President
Media Fairness Caucus: National Media Ignore President's Lowest-Ever Approval Rating
DATE: 2010/05/27::
22
Home Remedy to Improve the Fairness of Skin
Home Remedy to Improve the Fairness of Skin
DATE: 2014/05/05::
23
Is Ouya a "Success"? Does Windows 8.1 Fix Anything? Why MySpace is Cool Again.
Is Ouya a "Success"? Does Windows 8.1 Fix Anything? Why MySpace is Cool Again.
DATE: 2013/06/30::
24
Capuchin monkeys reject unequal pay
Capuchin monkeys reject unequal pay
DATE: 2012/12/15::
25
MIH Monday Night Showdown Tockia Vs Brown Eyes for Championship Belt
MIH Monday Night Showdown Tockia Vs Brown Eyes for Championship Belt
DATE: 2012/07/13::
26
Opinions & Values. A discussion on strong opinions and how to know what your personal values are.
Opinions & Values. A discussion on strong opinions and how to know what your personal values are.
DATE: 2013/11/22::
27
Lord President Brian Gill warns Scottish Parliament against removal of corroboration
Lord President Brian Gill warns Scottish Parliament against removal of corroboration
DATE: 2013/12/02::
28
Arthur Brooks: How to win the fairness fight
Arthur Brooks: How to win the fairness fight
DATE: 2012/04/11::
29
The ED Show - Republican vote against Buffett rule a vote against fairness?
The ED Show - Republican vote against Buffett rule a vote against fairness?
DATE: 2012/04/16::
30
David Icke Dot Connector 2013.
David Icke Dot Connector 2013.
DATE: 2013/12/27::
31
The Universal Declaration of Human Rights
The Universal Declaration of Human Rights
DATE: 2010/12/26::
32
Roxy Fairness Backpack  SKU:#8125256
Roxy Fairness Backpack SKU:#8125256
DATE: 2013/05/30::
33
Jak 2 - [1] Rated T for Torture
Jak 2 - [1] Rated T for Torture
DATE: 2014/04/15::
34
Building the Future: Jobs, Growth, and Fairness in the Arab World
Building the Future: Jobs, Growth, and Fairness in the Arab World
DATE: 2014/04/12::
35
Georgia teacher tells students their parents aren’t Christians if they voted for Obama
Georgia teacher tells students their parents aren’t Christians if they voted for Obama
DATE: 2015/04/05::
36
Roxy Fairness Backpack - Women
Roxy Fairness Backpack - Women's
DATE: 2013/08/05::
37
2000 Helena Cronin: Feminism argues for sameness, not fairness
2000 Helena Cronin: Feminism argues for sameness, not fairness
DATE: 2014/02/16::
38
US beginning to
US beginning to 'disengage' from Israel
DATE: 2014/10/31::
39
Real Reviews: Fairness Face Wash: Will Olay, Ponds or Fair & Lovely Convert This Fairness Skeptic?
Real Reviews: Fairness Face Wash: Will Olay, Ponds or Fair & Lovely Convert This Fairness Skeptic?
DATE: 2012/10/03::
40
UHIP Horror Stories
UHIP Horror Stories
DATE: 2014/03/25::
41
PAISTE PST 7 * CYMBAL REVIEW & COMPARISON WITH 505, PST 5 & 2002
PAISTE PST 7 * CYMBAL REVIEW & COMPARISON WITH 505, PST 5 & 2002
DATE: 2014/04/24::
42
Airtime Fairness
Airtime Fairness
DATE: 2012/01/17::
43
GOOGLE SUCKS ...No Fairness, No Freedom
GOOGLE SUCKS ...No Fairness, No Freedom
DATE: 2011/01/28::
44
Bill O
Bill O'Reilly vs. Diane Sawyer on Media Fairness and the Economy (6/01/2011)
DATE: 2011/06/02::
45
The Comma: Scott Collin - Stockwater Loophole: Family farmers struggle to protect a way of life.
The Comma: Scott Collin - Stockwater Loophole: Family farmers struggle to protect a way of life.
DATE: 2012/09/25::
46
Protest at Marist College Graduation
Protest at Marist College Graduation
DATE: 2008/05/18::
47
ACMA
ACMA's interview with Chris Willis, Channel 7
DATE: 2013/06/26::
48
David Cameron: £26,000 benefit cap is
David Cameron: £26,000 benefit cap is 'basic issue of fairness'
DATE: 2012/01/23::
49
The Connection between Equity and Fairness in Policy Design in View of ACA
The Connection between Equity and Fairness in Policy Design in View of ACA
DATE: 2013/05/28::
50
NYPD cop arrested for Child Porn ! .. Whistle Blower being set up or real Child Predator ?
NYPD cop arrested for Child Porn ! .. Whistle Blower being set up or real Child Predator ?
DATE: 2013/02/19::
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RESULTS [51 .. 101]
From Wikipedia, the free encyclopedia
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A fairness opinion is a professional evaluation by an investment bank or other third party as to whether the terms of a merger, acquisition, buyback, spin-off, or privatization are fair.[1] It is rendered for a fee.[2][3] They are typically issued when a public company is being sold, merged or divested of all or a substantial division of their business. They can also be required in private transactions not involving a company that is traded on a public exchange,[4] as well as in circumstances other than mergers, such as a corporation exchanging debt for equity.[5]

Controversy[edit]

Controversy in financial and management circles surrounds the question of the objectivity of fairness opinions, as one aspect of the duty of care in the fairness of a transaction. A potential exists for a conflict of interest when an entity rendering an opinion may benefit from the transaction either directly or indirectly.[6] Directors and officers of the companies also may have an interest in the outcome of the proposed transaction.[7] In response, in the United States, the Financial Industry Regulatory Authority (then the National Association of Securities Dealers) issued its Rule 2290 to require disclosure by its members to minimize abuses;[8] this was approved in 2007 by the Securities and Exchange Commission.[9]

Equity and fairness[edit]

In the United States, in the context of stockholder lawsuits,[10] typically relating to the sale or merger of a public company, the Delaware Court of Chancery has required sufficient disclosures be made to a board of directors and shareholders to “provide a balanced, truthful account of all matters”[11] and said “When a document ventures into certain subjects, it must do so in a manner that is materially complete and unbiased by the omission of material facts.”[12] In a Memorandum Opinion in the CheckFree/Fiserv merger Chancellor Chandler underlined that the earlier In re Pure Resources Court had established the proper frame of analysis for disclosure of financial data: “[S]tockholders are entitled to a fair summary of the substantive work performed by the investment bankers upon whose advice the recommendations of their board as to how to vote on a merger or tender rely.”[13] According to the certification hypothesis fairness opinions may also serve the interest of the shareholders by mitigating informational asymmetries in corporate transactions.[14]

References[edit]

External links[edit]

Example Fairness Opinions (SEC filings) relating to the merger of Merck & Co., Inc. and Schering-Plough Corporation:

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