During the recent BVR webinar on fairness opinions, Jeffrey Rothschild (McDermott Will & Emery) told the audience there are generally two different models of fairness opinions; one very short, generally a page-and-a-half, while the other is typically three or four pages. “The longer opinion will typically state quite clearly what it is not. The shorter will not do that,” says Rothschild. “I think that the trend has certainly been towards the longer model.”
As a subscriber service, BVWire extracted this sample Houlihan Lokey fairness opinion, typical of the longer form fairness opinion, from the SEC EDGAR database.
For the complete presentation on fairness opinions click here.