Fairness Opinions

A fairness opinion is a letter stating whether the consideration offered in a transaction, either by insiders or third parties, is fair to the nonaffiliated shareholders of the company from a financial perspective.

Fairness opinions are typically prepared for independent directors and fiduciaries, buyers and sellers, limited partners, institutional investors, and trustees. Typical transactions triggering fairness opinions are tender offers (LBO, MBO, and going private), large block stock purchases, mergers, divestitures, reorganizations, and hostile takeovers.

Our fairness opinions are based on objective, independent analyses that include not only a valuation, but also a review of the relevant transaction's financial structure, the type and timing of consideration, and the transaction's financial and tax consequences. VRC has completed more than 200 fairness opinions for transactions ranging from $10 million to over $1.5 billion in market capital.