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fairness opinion

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Fairness opinion
An investment banker's professional opinion as to the price an acquiring firm's is offering in a takeover or merger.
fairness opinion
An independent opinion characterizing the fair value of a firm's stock. A fairness opinion is frequently obtained by a majority owner of a company that is attempting to buy out the interests of minority shareholders. For example, Royal Dutch Petroleum, the 70% owner of Shell Oil, sought a fairness opinion from Morgan Stanley in an attempt to set a price on the shares it wished to purchase from Shell's minority stockholders. See also squeeze-out.


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A fairness opinion serves as a document used for guidance in a merger, takeover, or acquisition.
Japan : Canon buys Dutch printing company for $1.01 billion by TendersInfo
One statement related to the ability of a board of directors to rely on a fairness opinion provided by a financial advisor that was receiving a fee that depended upon the success of the transaction.
OSC Raises Some Uncertainty On Prevailing Practice On Fairness ... by Mondaq Business Briefing
In the wake of that decision, corporations and directors increasingly have been advised to obtain fairness opinions from independent providers and told that using only the same bankers that are doing the deal to provide a fairness opinion may leave the board members relying on a biased fairness opinion, and thus exposed to lawsuits.
A tale of two fairness opinions; Last year brought us FINRA Rule ... by Kempf, Donald G. Jr. / Directors & Boards
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