Download or read book Fairness Opinions written by Andrew Smith and published by Andrew Smith. This book was released on 2008-04-03 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fairness Opinions A fairness opinion, by definition, is a letter prepared by an experienced investment banker, or business appraiser, that states whether or not a transaction'from a financial point of view'is fair. The fairness opinion speaks to the ?fairness? of the financial terms of a transaction, as of a specific date, and given a set of assumptions.1 ?Fairness? in this context, parallels the notions of unbiased, impartial, and just. As denoted by the colloquial term ?fair play? or the business phrase ?an arm's length transaction,? a fairness opinion represents whether a deal is fair to shareholders, particularly a company's minority shareholders, all material matters and circumstances considered.
Download or read book The Standard Poor s Guide to Fairness Opinions written by Philip Clements and published by McGraw-Hill. This book was released on 2005-03-14 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Expert guidance on fairness opinions from the experts at Standard & Poor’s The Standard & Poor’s Guide to Fairness Opinions examines fairness opinions from a fiduciary’s perspective. It details important differences between income, market, or cost approaches in rendering an opinion; provides insights into capital structure complexities; describes techniques for achieving vital synergy in the fairness analysis; and more.
Download or read book Fairness Compendium written by and published by Andrew Smith. This book was released on 2008-07 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is accepted practice that a dissenting stockholder is entitled to receive the intrinsic value of his share in a going concern. Additionally, while no one methodology represents the means by which to value what a stockholder is entitled to receive, it is clear that a liquidation value is not appropriate in most going concern valuations.
Download or read book Fairness Opinions how Fair are They and what Can be Done about It written by Lucian A. Bebchuk and published by . This book was released on 1988 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fairness Opinions written by William J. Carney and published by . This book was released on 1991 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fairness Guidelines and Issues written by Andrew Smith and published by Andrew Smith. This book was released on 2008-07 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Overview Any corporate transaction involving an existing or potential conflict of interest may become the subject of litigation initiated by minority shareholders.1 In such case, directors may be called upon to prove that all aspects of the transaction were fair to the corporation and its shareholders. Directors may, however, be able to shift this burden of proof away from themselves and to the minority shareholders/plaintiffs if they have taken certain steps to ensure the fairness of the transaction.2 One important step is the establishment and use of a properly functioning Special Committee comprised of independent and disinterested Board members empowered to negotiate the transaction.3
Download or read book Fairness Opinions and Liability written by Sergei Parijs and published by Kluwer Law International. This book was released on 2005 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fairness opinions have their origin in the United States' mergers and acquisitions practice, but in recent years have also been used in Europe. Fairness opinions can best be defined as an investment banker's assessment of the financial 'reasonableness and equitableness' of a proposed offer for the target company's shareholders. In this clearly written book, Mr.Parijs investigates within the Dutch legal context how and why fairness opinions arise and what they might mean. His concentration lies primarily on fairness opinions of tender offers. Dutch legal literature contains very little on fairness opinions. This book makes the subject accessible to Dutch legal professionals and academicians. One particularly useful aspect of this study is that the author not only makes interesting legal comparisons to important tenets of civil, corporate and securities law, but also to economic theories and valuation methods.
Download or read book Fairness Opinions in Germany written by Nikolas Westphal and published by . This book was released on 2010 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Are Fairness Opinions Fair The Case of Mergers and Acquisitions written by Darren J. Kisgen and published by . This book was released on 2009 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: From 1994 to 2003, 80% of targets and 37% of acquirers obtain a third-party assessment of the fairness of a merger or acquisition. These fairness opinions do not affect deal outcomes when used by targets, but they affect deal outcomes when used by acquirers. The deal premium is lower in transactions if the acquirer obtains a fairness opinion, and further reduced if multiple advisors provide that opinion. However, the acquirer's announcement period return is 2.3% lower if the acquirer has a fairness opinion, especially if the acquirer pays a high premium, indicating that investors are skeptical of these transactions.
Download or read book The Use and Adequacy of Fairness Opinions written by Clinton A. Stuntebeck and published by . This book was released on 1988 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fairness Opinions written by Steven Davidoff Solomon and published by . This book was released on 2007 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fairness Opinions in Mergers and Acquisitions written by and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book An Empirical Analysis of Fairness Opinions in Mergers and Acquisitions written by Huajing Chen and published by . This book was released on 2005 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fairness Opinion Insight written by Duff & Phelps Corp and published by . This book was released on 2009 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fair Isn t Always Equal written by Rick Wormeli and published by Stenhouse Publishers. This book was released on 2006 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: Differentiated instruction is a nice idea, but what happens when it comes to assessing and grading students? What's both fair and leads to real student learning? Fair Isn't Always Equal answers that question and much more. Rick Wormeli offers the latest research and common sense thinking that teachers and administrators seek when it comes to assessment and grading in differentiated classes. Filled with real examples and "gray" areas that middle and high school educators will easily recognize, Rick tackles important and sometimes controversial assessment and grading issues constructively. The book covers high-level concepts, ranging from "rationale for differentiating assessment and grading" to "understanding mastery" as well as the nitty-gritty details of grading and assessment, such as: whether to incorporate effort, attendance, and behavior into academic grades;whether to grade homework;setting up grade books and report cards to reflect differentiated practices;principles of successful assessment;how to create useful and fair test questions, including how to grade such prompts efficiently;whether to allow students to re-do assessments for full credit. This thorough and practical guide also includes a special section for teacher leaders that explores ways to support colleagues as they move toward successful assessment and grading practices for differentiated classrooms.
Download or read book Fairness Opinions and the Business Judgment Rule an Empirical Investigation of Target Firms Use of Fairness Opinions written by Helen Bowers and published by . This book was released on 2002 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effect of the Smith v. Van Gorkom decision on the frequency of use of fairness opinions and the portion of financial advisor revenues that are earned from fairness opinions. There is an initial increase in the use of fairness opinions immediately following the decision. However, that initial increase is not sustained; overall, the average number of target firms utilizing fairness opinions post-Van Gorkom (58%) is essentially that same as the percentage pre-Van Gorkom (57%). Also, the protection from liability Van Gorkom gave to boards and the increased potential liability facing issuers of fairness opinions has not resulted in a significantly greater portion of advisory services industry revenues being earned from fairness opinions. However, the portion of revenues earned from advisory services has increased dramatically.
Download or read book The Fairness Opinion Puzzle written by Yasuhiro Ohta and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Why do 60% of target boards voluntarily solicit and pay for seemingly worthless 'Texas-wide' fairness opinions while 40% of their peers do not? Our new insight is that target boards speak to more than one shareholder generation through fairness opinions. We model fairness opinions as a cheap-talk game between a board of directors and public shareholders. In the core game, a board issues a fairness opinion to communicate with two shareholder generations: existing shareholders voting on the proposed sale of their shares, and potential after-market buyers who would buy if the present transaction fails. The game yields two distinct equilibria: one where the board issues no fairness opinions and one where Texas-wide fairness opinions emerge as equilibrium messages. The core game assumes that: (i) shareholders know the status of the board's private incentive; (ii) the proposed buyer sets a fixed bid equal to the ex ante expected value of the firm; and (iii) shareholders have no information about the target that the board does not have. We relax each of these three assumptions and prove that the conclusions drawn from the core game continue to hold. We conclude that three factors determine the width of fairness opinions: the board's private incentives; information asymmetry between the board and shareholders; and transactions costs incurred by after-market buyers if the current bid fails.
