July 18, 2005

Fairness Opinions Not Really Put to Test in P&G Shareholder Vote?

Back on July 11th, the New York Times ran a Dealbook column by Andrew Sorkin that the then upcoming shareholder vote on the acquisition of Gillette would test the validity of so-called “fairness opinions.” Given that P&G shareholders approved the merger with an overwhelming level of support – 96%, according to this article – I wonder where that leads us on fairness opinions?

To learn more on this topic, see this thoughtful memo from Wachtell Lipton regarding conflicts in fairness opinions – as well as the transcript from our recent webcast: “Conflicts of Interest and Dicey Engagements.”