Fairness Opinions In Public Takeovers Have Become Market Standard In Germany
Over the last few years, boards of management and/or supervisory boards (individually “Board” or together “Boards”) have increasingly obtained an external fairness opinion to support their substantiated statement, and the practice has become market standard. The Board(s) of the target company can rely on a fairness opinion in preparing their own statement of position to their shareholders, in accordance with their obligation to comment on the offer according to section 27 of the Takeover Act, and especially with regard to the appropriateness of the offered consideration.
