- Le 16 mars, l'offre de J.P. Morgan Chase & Co de $2 l'action était équitable pour les actionnaires de Bear Stearns
- 8 jours plus tard, une nouvelle offre de $10 était jugée tout aussi équitable ...
Critics of such "fairness opinion" letters, commonly used to justify prices for acquisitions of public companies, jumped on the first Lazard letter as evidence that such opinions give shareholders little protection against low-ball bids. Israel Shaked, a finance professor at the Boston University School of Management, says he believes "the opinion and process in general are nothing more than a rubber stamp on the transaction." Financial advisers such as Lazard, Mr. Shaked added, are motivated to encourage such sales because they are usually paid contingency fees based on their completions. In this case, Lazard not only issued a fairness opinion, it acted as Bear's main adviser.
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