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Fairness and Solvency Opinions

HighBank provides the opinions necessary to give you the comfort to move forward with, alter the terms of or terminate transactions under consideration. We provide fairness and solvency opinions as well as a unique, rapid, and market-facing product called MarketConfirm.

• • Fairness Opinions
  • Solvency and Capital Adequacy Opinions
  • MarketConfirm
• • Contact Us

Fairness Opinions

We provide fairness opinions to business owners, boards of directors, and special committees that help fulfill fiduciary responsibilities — providing comprehensive analyses and unbiased opinions about the financial fairness of pending transactions. Transactions that may require a fairness opinion include:

• Affiliate/insider and related party transactions
• Spinoffs of assets, subsidiaries or divisions
• Management buy-outs
• Down-round financings

Solvency and Capital Adequacy Opinions

HighBank can provide the solvency or capital adequacy opinions you require before moving forward with a balance sheet altering transaction. Companies have many stakeholders and the impact on each from contemplated transactions requires evaluation. Our opinions assist our clients in mitigating the risks of fraudulent conveyance and often are sought out in the following situations:

• Leveraged transactions
• Stock redemptions
• One-time or special dividend distributions

MarketConfirm – often a better way

We have often found that the decision to obtain a fairness or capital adequacy opinion is not straightforward due to:

• Uncertainty as to the need
• The relatively high cost of the opinion
• The lack of a “real world” view
• The length of time necessary to complete the opinion relative to the transaction timing

In order to address these limitations, HighBank has developed a proprietary product called MarketConfirm. MarketConfirm can be particularly useful for less material but equally important transactions that require a rapid real world view, for example when evaluating the sale of a business or division to management or issuing a special dividend to shareholders. MarketConfirm provides the following benefits:

• “Market testing” of the pending transaction with the most likely strategic and private equity firm acquirers (fairness opinions) or benchmarking the resulting balance sheet position to public comparables (adequacy opinions).
• A report back on the likely market receptivity and terms if competing bids were to be solicited (fairness opinions) or the relative balance sheet position post-transaction (adequacy opinions)
• A two to three week turnaround from engagement to report
• A fraction of the cost of a fairness or solvency opinion

One size should not have to fit all. Call us and we will show you how MarketConfirm can address your transaction in a real world context more rapidly and at a lower cost than traditional opinions.

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To obtain a free copy of our Long Term Economic Thesis and Investment Outlook please email us at: knowledge@highbank.com