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 |
Fairness opinions are usually private. If the acquiring company is public and they need shareholder approval for the transaction, they will file a DEFM14A (merger proxy) with the SEC.
Are you looking for a specific fairness opinion or just for what one might look like in general? Here are a few examples:
http://edgar.sec.gov/Archives/edgar/data/789388/000119312505074184/dex9…
http://www.sec.gov/Archives/edgar/data/310158/000095012309009217/y77207…
http://edgar.sec.gov/Archives/edgar/data/1051251/000119312510274106/dpr…
"I need to find as many financial metrics as possible regarding M&A deals."
FWIW, you don't necessarily need FO's to find M&A comps.
Fairness Opinion (Originally Posted: 05/27/2009)
Hey guys,
Does anyone know where I can find a fairness opinion on a bank (commercial bank preferably)?
Appreciate any assistance. Cheers.
Look for a proxy of a commercial bank merger, if the advisors were hired to give an opinion it would be in there.
merger proxy sent to sharehodlers. S-4s. check sec filings online
Fairness Opinions to Banking? (Originally Posted: 03/27/2013)
I am a junior at a semi-target school. I had some ib interviews and some second rounds, but didn't get any offers. The interviewers told me afterwards that my resume in comparison to my peers really didn't cut it since it was lacking banking experience ( I had a real estate acquisition internship last summer).
Now I have an internship offer with a Valuation and Fairness Opinion firm in Houston. My ultimate goal is to get IB for full time, but I don't know how this experience would hold up during full time recruiting.
Here is a quick description about what I would be doing,
"Responsibilities include preparing financial models and quantitative analysis of financial statements. Interns will also perform company, industry, and economic research. In addition, interns will prepare closed-end and mutual fund studies. Projects include a wide range of industries including retail, media, service, manufacturing, wholesale, energy, real estate, telecommunications, banking, and healthcare. Interns make direct and significant contributions to final valuation reports for our clients."
Would a Valuation and Fairness opinion internship look good for full time recruiting?
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.
Bump. Was wondering if anyone could share their success story of moving from valuation/fairness opinions to investment banking and how they spun that experience in the banking interview.
fairness opinions (Originally Posted: 09/26/2007)
can anyone provide any insight on fairness opinions? how are they compiled/constructed? do analysts take part in it?
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.
Fairness Opinions (Originally Posted: 02/11/2014)
Anyone have publicly available fairness opinions they could share? I remember I saw one CS did on the SEC website but can't find it anymore.
//www.wallstreetoasis.com/forums/dell-ib-decks
If you search EDGAR for form SC 13E3 (going private transactions) the majority will have fairness opinion decks attached toward the end.
Where to see fairness opinions of banks? (Originally Posted: 03/07/2015)
I heard that you can look at some fairness opinions on companies that had been acquired on the SEC website. I was just wondering if anyone has done it, and how they did it.
Thanks
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