Wed, Aug 14, 2019
Fairness Opinions: The New Best Practices
Duff & Phelps and McMillian LLP co-authored a chapter in Chartered Business Valuators (CBV) Institute’s 2018 Journal of Business Valuation, providing an analysis of pre-and post-InterOil practices (in Canada) as it relates to obtaining fixed-fee fairness opinions on public company acquisitions.
The statistical analysis of transactions covers the acquisition of Canadian public companies for an 18-month period, both prior to and following the InterOil decision. Additionally, the team also surveyed M&A deal lawyers at Canadian law firms to cover the legal community’s reaction to the InterOil decision and its impact on transactions since then, both within and outside British Columbia/Yukon.
The study concludes that the InterOil decision has had a significant impact in British Columbia and the Yukon with respect to boards of target companies obtaining independent, fixed-fee fairness opinions.
Read our contribution starting on page 19.
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