Fairness Opinions

With a reputation built over decades, Duff & Phelps’ Fairness Opinion Practice delivers high quality financial advice and opinions that withstand the most rigorous scrutiny.

Every day boards of directors make decisions that are subject to intense external scrutiny. In pursuing the best interests of shareholders, boards must deliberate on complex corporate transactions, often in sub-optimal circumstances. Conflicted investment bankers with contingent fee arrangements, related-party transactions, and the lack of market-clearing mechanisms in certain deals all complicate the board decision-making process. An independent fairness analysis and opinion help boards of directors assess corporate transactions and fulfill their fiduciary duties. 

We are comfortable rendering opinions involving minority interests, debt securities, and limited market checks. In addition to providing fairness opinions on M&A transactions, we are experts in advising and opining on transactions absent a market-clearing mechanism.

Fairness opinions is a core practice at Duff & Phelps and we are the market leader. We rank #1 for the total number of opinions rendered over the past five years. Over the past decade, we have provided more than 1,000 fairness opinions, reflecting over $425 billion in deal value.  

In addition to providing fairness opinions on M&A transactions, we are experts in advising and opining on transactions absent a market-clearing mechanism. Representative situations include:

  • Sell-side/buy-side mergers & acquisitions 
  • Spin-offs, split-ups, divestitures
  • Going-private transactions
  • GP-led secondary recapitalization transactions
  • Related-party transactions
  • Down-round financing, minority investments, and other financing transactions
  • Requirements pursuant to certain bond indentures and credit agreements
  • Any transaction requiring a shareholder vote
  • ESOP/ERISA transactions
/services/corporate-finance/fairness-and-solvency-opinions/fairness-opinions /-/media/feature/services/corporate-finance/fairness-and-solvency-opinions-desktop-banner.jpg service

Fairness and Solvency Opinions

Contact Us

Other Areas We Can Help

Corporate Finance

Comprehensive support throughout mergers and acquisitions and other corporate transactions.

Corporate Finance

Kroll Business Services

The global leader in complex claims administration and legal and business solutions.

Kroll Business Services

Insights

Publication

Annual Case Summaries: Key Delaware Business Valuation Decisions

Publication
Publication

How Much is Your Management Company Worth in a REIT Roll-up Transaction?

Publication
Valuation

Duff & Phelps 2019 Valuation Handbook – U.S. Industry Cost of Capital

Valuation
Valuation

Duff & Phelps 2019 Valuation Handbook – International Guide to Cost of Capital

Valuation

News