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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JPMorgan also provided a fairness opinion for Trizec Properties.

$9b Trizec deal closed by Real Estate Weekly

A CFO, board member, or legal counsel calls with, "We need a fairness opinion for the board to vote on our pending deal.

Expanded use of investment bankers by public company boards by Kaltman, Todd A. / Los Angeles Business Journal

These costs include professional or other fees incurred to structure the proposed transaction, to obtain regulatory or shareholder approval and to secure an appraisal, written evaluation or fairness opinion related to the transaction.

Documenting deductions for investment banking fees by Thornton, David A. / The Tax Adviser

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