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Quick Briefing: Fairness Opinions
Quick Briefing: Fairness Opinions
Published: 2017/01/20
Channel: Finance Information Group
Biz Tips: How Do Fairness Opinions Work?
Biz Tips: How Do Fairness Opinions Work?
Published: 2016/02/10
Channel: BizTipsVideos
Fairness Opinions: Time to fish or cut bait!
Fairness Opinions: Time to fish or cut bait!
Published: 2016/09/14
Channel: Aswath Damodaran
What is FAIRNESS OPINION? What does FAIRNESS OPINION mean? FAIRNESS OPINION meaning & explanation
What is FAIRNESS OPINION? What does FAIRNESS OPINION mean? FAIRNESS OPINION meaning & explanation
Published: 2017/04/15
Channel: The Audiopedia
CTI QuickTip - Differences Between ESOP Fair Market Valuations and Transaction Fairness Opinions
CTI QuickTip - Differences Between ESOP Fair Market Valuations and Transaction Fairness Opinions
Published: 2012/05/02
Channel: CTIonline
Fairness Opinion: заключение о справедливости цены
Fairness Opinion: заключение о справедливости цены
Published: 2016/05/20
Channel: Rebrain (www.rebrain.ru) - Рибрейн Финансы
The Merger and Acquisition Process
The Merger and Acquisition Process
Published: 2015/11/19
Channel: Legal & Compliance, LLC
QUESTION 14) A fairness opinion would typically be rendered in each of the following situations EXCE
QUESTION 14) A fairness opinion would typically be rendered in each of the following situations EXCE
Published: 2017/04/22
Channel: Helping Tutors
POLITICAL THEORY - John Rawls
POLITICAL THEORY - John Rawls
Published: 2015/01/09
Channel: The School of Life
Best Products for Sensitive Skin | Dermatologist at the Drugstore
Best Products for Sensitive Skin | Dermatologist at the Drugstore
Published: 2016/03/10
Channel: Harper's BAZAAR
Do fairness cream really work? - Dr. Swetha S Paul
Do fairness cream really work? - Dr. Swetha S Paul
Published: 2015/12/22
Channel: Doctors' Circle - Ask Doctors. Free Video Answers.
Kid President Is Over It!
Kid President Is Over It!
Published: 2016/09/08
Channel: SoulPancake
Will Hutton on fairness
Will Hutton on fairness
Published: 2011/03/24
Channel: ResearchConferences
Fairness Creams Fooled You ft. CowboyFarts // Our Opinion
Fairness Creams Fooled You ft. CowboyFarts // Our Opinion
Published: 2016/06/26
Channel: Equalist Aastha
Financial Opinions | Madison Street Capital
Financial Opinions | Madison Street Capital
Published: 2015/11/16
Channel: Madison Street Capital
NOBODY KNEWs | EPISODE-2 | RACISM, FAIRNESS CREAM ADVERTISEMENTS AND MORE
NOBODY KNEWs | EPISODE-2 | RACISM, FAIRNESS CREAM ADVERTISEMENTS AND MORE
Published: 2017/04/15
Channel: MUCH BHAAT
Harvard Parties. Also Sexism.
Harvard Parties. Also Sexism.
Published: 2017/06/22
Channel: YesReneau
Odds of winning. It is important to have a randomness and fairness control.
Odds of winning. It is important to have a randomness and fairness control.
Published: 2016/09/09
Channel: Online Casino Opinion
In Houston, Hate Trumped Fairness
In Houston, Hate Trumped Fairness
Published: 2015/11/06
Channel: Vee
Glutathione (whitening injection)  by Dr. Sehrish Riaz
Glutathione (whitening injection) by Dr. Sehrish Riaz
Published: 2016/05/26
Channel: Skin Professionals By Dr. Sehrish Riaz
Two Monkeys Were Paid Unequally: Excerpt from Frans de Waal
Two Monkeys Were Paid Unequally: Excerpt from Frans de Waal's TED Talk
Published: 2013/04/04
Channel: TED Blog Video
"NO MORE TEARS OR CANCER???" Truth of Johnson & johnson Baby products
"NO MORE TEARS OR CANCER???" Truth of Johnson & johnson Baby products
Published: 2016/08/24
Channel: ishita chanda
The Keystone Kops of Valuation: Lazard, Evercore and the TSLA/SCTY Deal
The Keystone Kops of Valuation: Lazard, Evercore and the TSLA/SCTY Deal
Published: 2016/09/07
Channel: Aswath Damodaran
How To Change The World (a work in progress) | Kid President
How To Change The World (a work in progress) | Kid President
Published: 2013/12/20
Channel: SoulPancake
How To Use Sunscreen & Fairness Cream For Fair & Glowing Skin-Dr. Shehla...
How To Use Sunscreen & Fairness Cream For Fair & Glowing Skin-Dr. Shehla...
Published: 2014/11/06
Channel: Pragya T
Need Legal Opinion From Startup Lawyer About Fairness of Startup Job Offer
Need Legal Opinion From Startup Lawyer About Fairness of Startup Job Offer
Published: 2016/05/05
Channel: Technology & Business Law Firm, Technology Attorney, Technology Lawyer, Mobile Apps, SaaS
IBISWorld for Business Valuation - Industry Product
IBISWorld for Business Valuation - Industry Product
Published: 2016/06/23
Channel: IBISWorld
Freedom or Fairness?
Freedom or Fairness?
Published: 2009/02/26
Channel: pootiegetsit
Poll: US voters doubt election fairness
Poll: US voters doubt election fairness
Published: 2016/10/02
Channel: PressTV News Videos
The Value of a Brand in M&A
The Value of a Brand in M&A
Published: 2014/05/15
Channel: BrandingBusiness
Jimmy Kimmel
Jimmy Kimmel's Update on the Anti-Vaccination Discussion
Published: 2015/03/03
Channel: Jimmy Kimmel Live
'Indian Beauty' Kangana Ranaut ashamed of B-town celebs endorsing fairness creams
Published: 2015/09/13
Channel: ANI News
97kg to 6 pack - Truth Behind Aamir Khan
97kg to 6 pack - Truth Behind Aamir Khan's body TRANSFORMATION - Info by Guru Mann
Published: 2016/11/30
Channel: Guru Mann Fitness
An Observation of Fairness Summary
An Observation of Fairness Summary
Published: 2017/04/14
Channel: Mr. Octavius
Financial Statement Audit
Financial Statement Audit
Published: 2009/03/09
Channel: Roger CPA Review
The Fairness Doctrine, Is It Really Fair?
The Fairness Doctrine, Is It Really Fair?
Published: 2009/06/08
Channel: tdc8
Masoor dal face pack for fairness
Masoor dal face pack for fairness
Published: 2017/03/19
Channel: Hlwmybeauties
Poll shows Ugandans doubt fairness of 2016 polls
Poll shows Ugandans doubt fairness of 2016 polls
Published: 2015/03/20
Channel: NTVUganda
Poll :  Obama
Poll : Obama's fairness message is resonating
Published: 2012/01/27
Channel: PresidentObama3
Neutrogena fine fairness eye cream honest review-Beautywind(disha karan)
Neutrogena fine fairness eye cream honest review-Beautywind(disha karan)
Published: 2017/02/23
Channel: Beautywind
*NEW* Garnier Fair Miracle 2  in 1 fairness cream review and swatches
*NEW* Garnier Fair Miracle 2 in 1 fairness cream review and swatches
Published: 2014/06/11
Channel: sjlovesjewelry
Taapsee Pannu Rejects Fairness Cream Event- This Is The New Award Wapsi
Taapsee Pannu Rejects Fairness Cream Event- This Is The New Award Wapsi
Published: 2017/02/04
Channel: ED Times
[Breaking News]INDUSTRIAL GASES - LINDE and PRAXIAR Shake Up Little Known Sector
[Breaking News]INDUSTRIAL GASES - LINDE and PRAXIAR Shake Up Little Known Sector
Published: 2016/12/20
Channel: FreedomTV
Natural Baby Skin Care Tips For Glowing Complexion | Skin Fairness And Health | Babygogo
Natural Baby Skin Care Tips For Glowing Complexion | Skin Fairness And Health | Babygogo
Published: 2017/01/31
Channel: Babygogo
"Fairness Doctrine" = Unfair = censorship
"Fairness Doctrine" = Unfair = censorship
Published: 2008/02/21
Channel: Schemefighter
Norman Poltenson on the Auto Bailout and Fairness
Norman Poltenson on the Auto Bailout and Fairness
Published: 2012/09/05
Channel: CNYBJ
Microeconomics - 83: Fairness and Rent Ceilings
Microeconomics - 83: Fairness and Rent Ceilings
Published: 2012/01/14
Channel: CourseHack
Daily 2-Minute Chart Study #284 - Technical Reasons For Spikes & Dives
Daily 2-Minute Chart Study #284 - Technical Reasons For Spikes & Dives
Published: 2016/10/27
Channel: Eric Muathe
Myanmar election official defends poll fairness
Myanmar election official defends poll fairness
Published: 2016/11/17
Channel: AP Archive
Apple face mask for Fairness
Apple face mask for Fairness
Published: 2017/03/20
Channel: Hlwmybeauties
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WIKIPEDIA ARTICLE

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] Some of the specific functions of a fairness opinion are to aid in decision-making, mitigate risk, and enhance communication.[6]

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.[7] Directors and officers of the companies also may have an interest in the outcome of the proposed transaction.[8] 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;[9] this was approved in 2007 by the Securities and Exchange Commission.[10]

Equity and fairness[edit]

In the United States, in the context of stockholder lawsuits,[11] 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”[12] 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.”[13] 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.”[14] According to the certification hypothesis fairness opinions may also serve the interest of the shareholders by mitigating informational asymmetries in corporate transactions.[15]

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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