During the recent BVR webinar on fairness opinions, Jeffrey Rothschild (McDermott Will & Emory) told the audience there are generally two different models of fairness opinions; one by Goldman Sachs and the other by Houlihan Lokey. The Goldman model is a very short fairness opinion, generally a page-and-a-half, while the Houlihan Lokey model is typically three or four pages. “Houlihan Lokey’s opinion will typically state quite clearly what it is not. Goldman’s will not do that,” says Rothschild.  “I think that the trend has certainly been towards Houlihan Lokey’s model in this area and not Goldman Sachs’.”

As a subscriber service, BVWire extracted this sample Houlihan Lokey fairness opinion from the SEC EDGAR database.

For the complete presentation on fairness opinions click here.