Strategic Research: Fairness Opinions

Sponsored By Thomson Financial

Topics:

Banking & Capital Markets > Mergers & Acquisitions

Compliance & Governance > Board Memberships , Investor Relations

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Abstract:

Boards have come under pressure for relying on the advice of investment banks whose objectivity is questioned due to a perceived conflict of interest when it comes to fairness opinions. The conflict is the dual role of the advisor: why would an advisor, who provides a fairness opinion, possibly jeopardize the potential windfall of additional fees for other advisory services by suggesting to the board that a deal on the table is not fair? Their additional compensation hinges on the completion of the deal.
Many investors suggest that hiring an independent advisor to render a fairness opinion on M&A deals could solve the problem.

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Released: January 07, 2008

Length: 3 pages

Format: PDF (32 kb)

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