Sherry Cefali is a managing director in the Transaction Opinions business unit and is the head of Duff & Phelps’ Los Angeles office. She is also a member of the firm’s Fairness and Solvency Opinion Senior Review Committee. Sherry has over 25 years of experience of advising companies and boards, including rendering fairness opinions and solvency opinions and determining valuations of companies and securities.
Some of Sherry’s noteworthy engagements include rendering the following opinions:
Solvency opinion to the board of directors of Darden Restaurants in connection with its spin-off of Four Corners Property Trust
Solvency opinion to the board of directors of Expedia in connection with its spin-off of TripAdvisor
Solvency opinion to the board of directors of Cardinal Health in connection with its spin-off of CareFusion
Solvency opinion to the board of directors of California Pizza Kitchen in connection with a leveraged dividend payment
Solvency opinion to the board of directors of Survey Monkey in connection with a leveraged stock redemption
Fairness opinion for Paramount Group in connection with the roll-up of its real estate partnerships and management company into a REIT prior to its IPO
Fairness opinion for the special committee of the board of directors Sport Chalet in its sale to Versa
Fairness opinion for FIBRA Prologis, a subsidiary of U.S. REIT Prologis, Inc., in connection with the roll-up of various asset pools of industrial properties in Mexico prior to its IPO on the Mexican Stock Exchange
Fairness opinion for Cobalt Capital Partners in connection with sale of three industrial REITs and its management company to Colony Financial
Fairness opinion to the special committee of FortuNet’s board of directors in connection with its going private transaction
Sherry co-authored the article “REIT Roll-up Transactions: How Much is Your Platform Worth” (GlobeSt.com) and the article “Management Company Values in REIT Roll-ups” (Real Estate Forum). Sherry has also authored articles related to fairness opinions and various investment banking topics that have appeared in publications, including Mergers & Acquisitions Journal, Directorship, Los Angeles Business Journal, Business Law Today and California Lawyer. She is also a frequent speaker on topics concerning fairness and solvency opinions to attorneys, accountants and board members.
Prior to joining Duff & Phelps in 1990, Sherry was a vice president with Houlihan Lokey.
Sherry received her M.B.A., with honors, from the University of Southern California and her B.A. in political science, cum laude, from the University of California at Santa Barbara. She holds the FINRA Series 7 and 63 licenses. Sherry is a member of the NACD and serves as a director on the board of the Women’s Leadership Council