Home / Valuation Services / Fairness Opinions
Transaction Advisory

Fairness Opinion Services

Independent opinions that protect boards, committees, and fiduciaries in significant transactions.

$8B+ Transaction Experience
27+ Years M&A Experience
100% Independence Guaranteed

What is a Fairness Opinion?

A fairness opinion is an independent professional assessment that evaluates whether the financial terms of a proposed transaction are fair, from a financial point of view, to a particular party—typically shareholders or a company's board of directors.

Boards of directors and special committees use fairness opinions to fulfill their fiduciary duties when approving significant transactions. The opinion provides documented evidence that the board exercised appropriate care and diligence in evaluating the transaction.

Our fairness opinions are informed by decades of real transaction experience. Unlike firms that only provide opinions, we've sat on both sides of the table—as investment bankers, venture capitalists, CFOs, and advisors. This perspective makes our analysis more robust and our conclusions more defensible.

Fiduciary Protection

A well-supported fairness opinion provides:

  • Business judgment rule protection for directors
  • Documentation of due diligence process
  • Defense against shareholder litigation
  • Independent third-party validation of terms

When Do You Need a Fairness Opinion?

Transactions involving fiduciary duties, conflicts of interest, or significant shareholder impact

Mergers & Acquisitions

Whether you're selling the company or acquiring another, a fairness opinion demonstrates that the board properly evaluated the transaction terms.

Related Party Transactions

When insiders are on both sides of a deal, independence is critical. A fairness opinion shows minority shareholders weren't disadvantaged.

Going Private Transactions

Taking a company private requires particular scrutiny. Fairness opinions protect the board when minority shareholders are cashed out.

Recapitalizations

Restructuring the balance sheet or capital structure impacts different stakeholders differently. Fairness opinions ensure equity.

Squeeze-Out Mergers

When majority shareholders acquire minority interests, an independent fairness opinion is essential to demonstrate fair value.

Special Committee Processes

When a board forms a special committee to evaluate a transaction, a fairness opinion provides critical independent support.

Our Approach to Fairness Opinions

Thorough analysis. Complete independence. Defensible conclusions.

01

Engagement & Scope

We establish clear engagement terms, confirm independence, and define the scope of our analysis. We work directly with boards, special committees, or management as appropriate.

02

Due Diligence

We conduct comprehensive due diligence including management interviews, financial analysis, industry research, and review of transaction documents and negotiations.

03

Valuation Analysis

We apply multiple valuation methodologies—DCF, comparable companies, comparable transactions, and others as appropriate—to establish a range of values.

04

Transaction Analysis

We analyze the proposed transaction terms against our valuation conclusions, considering premiums, synergies, and the process that led to the terms.

05

Opinion Delivery

We present our findings and opinion to the board or committee, with full documentation supporting our analysis and conclusions.

06

Post-Opinion Support

We're available to support the opinion through shareholder communications, regulatory filings, and if necessary, litigation defense.

Why Choose IQ Valuations for Your Fairness Opinion?

Transaction Experience

Our founder has executed billions in transactions at Deutsche Bank M&A, Lehman Brothers, and as a venture capitalist. We understand both sides of the table.

True Independence

We have no investment banking fees at stake. Our only interest is delivering an accurate, defensible opinion that serves your fiduciary duties.

Rigorous Documentation

Our opinions are built to withstand scrutiny—from shareholders, regulators, and if necessary, courts. Every conclusion is thoroughly documented.

Responsive Timing

Transactions move fast. We understand deal timelines and work efficiently to deliver opinions when you need them, without sacrificing quality.

"The depth of analysis in their fairness opinion gave our board confidence to proceed. When shareholders later questioned the deal, the documentation proved invaluable."
— Board Member, Private Equity Portfolio Company

Frequently Asked Questions

Is a fairness opinion legally required?

Generally no, but it's often the standard of care for boards approving significant transactions. Delaware courts have noted that the absence of a fairness opinion can be evidence of inadequate process.

How is a fairness opinion different from a valuation?

A valuation determines a company's worth. A fairness opinion evaluates whether specific transaction terms are fair—it considers not just value, but the process, alternatives, and stakeholder impact.

Who should engage the fairness opinion provider?

Typically the board or a special committee—not management—to ensure independence. We can work with your legal counsel to structure an appropriate engagement.

What if you conclude the transaction isn't fair?

We render opinions based on our analysis, not predetermined conclusions. If we can't opine that terms are fair, we'll discuss our findings and the board can decide how to proceed.

How long does a fairness opinion take?

Typically 2-4 weeks depending on complexity and information availability. We can work on compressed timelines when necessary for deal schedules.

Will you defend the opinion if there's litigation?

Yes. Our engagement includes support through litigation if our opinion is challenged. We stand behind our work.

Confidential Consultation

Discussing a transaction? Let's talk—confidentially.