Scoping the transaction
Understanding the transaction, the stakeholders, the terms, and the governance and market issues involved.
Fairness Opinion
Independent expert for public tender offers and capital transactions. Multi-criteria analysis in accordance with AMF instructions and recommendations.
When is a fairness opinion required?
A fairness opinion involves assessing the fairness of the financial terms of a transaction based on an independent analysis.
It is required in particular in certain public tender offer contexts or where conflicts of interest exist.
METHODOLOGY
SORGEM Évaluation implements a rigorous approach based on a multi-criteria analysis in accordance with AMF instructions and recommendations.
Review of information
Analysis of financial, legal, and operational data, with particular attention to the consistency of the assumptions used.
Multi-criteria valuation
Implementation of analogical and intrinsic approaches, cross-checked against valuation references such as share prices, transactions in the company's capital, and broker notes.
Report and opinion
Presentation of the due diligence performed, the methods used, the reasons for their selection, and a conclusion on the fairness of the financial terms, in a report in the format expected by the AMF.
It assesses the fairness of the financial terms of a transaction, based on an independent, multi-criteria analysis. It also aims to ensure equal treatment among shareholders.
Where conflicts of interest or regulated situations exist, the AMF may require the appointment of an independent expert.
Analogical approaches (listed comparables, transactions) and intrinsic approaches are implemented, alongside the analysis of valuation references (share prices, broker notes, transactions in the company’s capital).
The due diligence performed, the methods used, the assumptions applied, and the reasons behind the conclusion on fairness.
WHAT WE OFFER
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Recognised independent expertise
Extensive experience in the field, enriched by regular dialogue with the AMF and our ongoing analysis of market transactions through the SORGEM Fairness Opinion Observatory.
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Rigorous multi-criteria approach
Cross-checking of analogical and intrinsic approaches along with the analysis of valuation references to assess the financial terms.
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Binding conclusion
A well-reasoned, documented opinion that can be used by parties and authorities.
