Fairness Opinions and Valuations
We combine practical experience with theoretical techniques to provide well-developed, well-documented fairness opinions. Morgan Keegan has rendered a significant number of fairness opinions to boards of directors, special committees and trustees as to the fairness of financial terms for a proposed transaction. Morgan Keegan's stature, work product and expertise provide the necessary assurances to all stakeholders in this highly regulated environment.
Valuations are the foundations of our mergers, acquisitions and divestitures advisory practice. We complete in-depth valuation analyses on a regular basis, using a variety of analytical tools, including:
- Comparisons to public company peers
- Analysis of completed transactions with similar attributes
- Discounted cash flow analyses using various scenarios
- Relative contributions of the respective companies
- Premiums paid in similar types of transactions
- Historical exchange ratio analyses
- Impact on pro forma projected earnings of the combined entity
- Other analyses as warranted
Targeted Acquisition Advisory Services
Morgan Keegan is often called upon by clients to assist in developing and executing an appropriate acquisition strategy. Morgan Keegan's involvement ensures a successful initial contact and maximizes the probability of getting the target to focus seriously on a potential transaction. Our process for ensuring clients pursue the best targets and make the shrewdest offers involves:
- Working closely with management to identify prospects and determine the most appropriate form of initial contact
- After pre-qualifying targets, performing an independent analysis of the target company's financial performance
- Providing an honest opinion regarding the reasonable range of values for the target
- Recommending creative transaction structures, assisting in negotiating material deal terms and helping close the transaction
- When required, assisting in obtaining capital necessary to complete the transaction
