M&A Case study Test

How would you this prepare for this question?

Is it fair? Asks you to consider if a proposed takeover offer is fair to shareholders of a company - 30 min;

I have a modelling/valuation test for an analyst position at an M&A boutique and they have given me the cover page outlining the three categories.

What are the factors that determine whether or not a proposed takeover is fair and what subjects should I brush up on to prepare for this?

Many thanks!!!

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