Where to find a Fairness Opinion?

If a public company is acquired, where would one go to find the fairness opinion associated with the deal?

I need to find as many financial metrics as possible regarding M&A deals. Would this even be possible if a private company acquires another private company?

Fairness opinion investment banking

A fairness opinion is a document produced by a sellers banker in an acquisition. 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.

from certified user @jimbrowngoU"

A fairness opinion is 100% technical. You know what kind of outcome you want, so that helps select comps, and you run the gamut of valuation analyses: comparable companies, precedent transactions, premiums paid, DCF and, occasionally, LBO. Being that it is on file with the SEC and subject to scrutiny, this exercise is typically exceptionally, exceptionally tedious --

Recommended Reading

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fairness_opinion.pdf 778.17 KB 778.17 KB
 
Best Response
kidflash:
relevant experience. it's 'good,' but obviously you'll be behind people who actually have BB/MM banking experience.

This. From my understanding (never worked in FO)

The pros:

*you understand valuation *you can run the valuation portion of the model *solid excel skills *probably good writing/formatting skills

The cons:

*you will lack understanding of the deal process *your knowledge of capital structure optimization will likely be below par *Experience with transaction types and structures will likely be below par

Doesn't mean you can't do it though and you are certainly more attractive than most others w/o direct IB experience.

 

Fairness opinions are ways for corporates and PE shops to cover their ass legally. They are just a long document to backup the IBs valuation should there be a lawsuit. It is to protect shareholders to make sure they are getting the best deal.

 

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