Fairness Opinions

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

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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.

Duff & Phelps Opinions is a core practice at Kroll and we are the market leader. We rank #1 for the total number of opinions rendered over the past ten years. Over the past decade, we have provided more than 1,133 fairness opinions, reflecting nearly $570 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
  • 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
Connect with us
Christopher Janssen
Chris Janssen
Managing Director and Global Head of Transaction Opinions
Fairness and Solvency Opinions
Chicago
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Bob Bartell
Robert A. Bartell, CFA
President, Corporate Finance
Corporate Finance and Restructuring
Chicago
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Corey Bleil
Corey Bleil
Managing Director
Fairness and Solvency Opinions
New York
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Elyse Bluth
Elyse Bluth
Managing Director
ESOP and ERISA Advisory
Chicago
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Andrew Capitman
Andrew Capitman
Managing Director
Fairness and Solvency Opinions
New York
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Sheryl Cefali
Sheryl Cefali
Managing Director
Fairness and Solvency Opinions
Los Angeles
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Jeff Gordon
Jeff Gordon
Managing Director
Fairness and Solvency Opinions
Chicago
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David Herr
David Herr
Managing Director
Fairness and Solvency Opinions
Philadelphia
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Todd Kaltman is a managing director at Duff & Phelps.
Todd Kaltman
Managing Director
Fairness and Solvency Opinions
Los Angeles
Phone
Mark Kwilosz
Mark Kwilosz
Managing Director
Fairness and Solvency Opinions
Chicago
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David Lee
David Lee
Managing Director
Fairness and Solvency Opinions
New York
Phone
David Rowe | Transaction Opinions | Kroll Chicago
David Rowe
Managing Director
Fairness and Solvency Opinions
Chicago
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Jeffrey Schiedemeyer
Jeff Schiedemeyer
Managing Director
Fairness and Solvency Opinions
Chicago
Phone
David Turf
David Turf
Managing Director
Fairness and Solvency Opinions
Chicago
Phone

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