Houlihan has provided financial opinions to some of the largest NYSE companies as well as for complex private equity transactions. Houlihan's team of professionals understand the rigorous policies and procedures relating to corporate governance issues. Additionally, Houlihan has issued white papers on various fairness topics in order to provide substantial expertise in analyzing the essentials that make a financial opinion fair; thorough due diligence, analysis of risks, deal structure, pricing, potential conflicts, comparable benchmark transactions, and timeliness. Click here to read selected articles, Houlihan's white papers, and other related financial opinion topics. Houlihan has considerable experience in providing the following financial opinions:

• Fairness Opinions
• Solvency Opinions
• Cheap-Stock Opinions
• Secondary/Backstop Opinions
• IPO Transactions & Roll-up's

As a registered broker-dealer and FINRA member, Houlihan is regularly asked to provide a variety of financial opinions that assist special committees, business owners, outside Board of Directors, financial institutions, and other fiduciaries, with complex financial decisions that are seldom straight-forward and unambiguous. Houlihan is particularly qualified to assist with financial opinions involving Mergers & Acquisitions, Capital Restructuring, and SEC related topics. An independent opinion of fairness relative to the exchange of values can provide substantial support for such exchanges. Furthermore, independent financial opinions are useful as a defense against dissident shareholder claims. The way an opinion is assembled, and how it's then reviewed by the board, can make a real difference in how well it stands up to a legal challenge.

The financial opinion is a black or white finding, stating either that a deal as presented seems fair or unfair to the shareholders, with no shadings in between. A financial opinion analyzes the price, terms and transaction details of a merger or acquisition. It looks at different valuation metrics and then makes comparisons to the current deal. In preparing a financial opinion or a valuation, Houlihan's professionals utilize a number of widely-accepted valuation methodologies and techniques, which may include the following:

• Financial statement review
• Industry analysis
• Outlook analysis
• Analysis of intangible assets
• Discounted cash flow analysis
• Comparable company analysis
• Comparable transaction analysis
• Analysis of stock price and volume history
• Leveraged recapitalization Analysis
• Breakup analysis
• Contingent payment review
• Net asset value analysis