Fairness Opinions: Session 1

A fairness opinion is a letter issued by an independent financial advisory firm, typically an investment bank, that provides an expert judgment on whether the financial terms of a deal are "fair" to a specific party, such as a company's shareholders or board of directors. While not a guarantee of a deal's success or a recommendation on how to vote, a fairness opinion is a cornerstone of good corporate governance, designed to protect directors and instill confidence in stakeholders.