My post on the Tesla/SCTY offer about the ineptitude and laziness that Lazard and Evercore brought to the valuation process didn’t win me any friends in the bank M&A world. And in addition, some pushback was attracted by it, not so much from bankers, but from journalists and lawyers, taking me to the job for not understanding the framework for these valuations. As Matt Levine notes in his Bloomberg column, where he cites my post, “a fairness opinion is not just a real valuation, not a pure effort to estimate the value of an organization from first principles and 3rd party research” (Trust me. No one is setting the bar that high.
What is a fairness opinion? I am not just a lawyer, and I don’t play intend to play one here, but it could very well be to revert back again to the legal description of the term best. In a great article on the topic, Steven Davidoff defines a fairness opinion as an “opinion provided by an outsider a transaction meets a threshold degree of fairness from a financial perspective”. Implicit in this definition will be the assumptions that the outsider is qualified to complete this common sense and that there is some realistic standard for fairness. Note that while fairness views have become part and parcel of all corporate and business control transactions, they are not required either by legislation or rules.
As with so much of business law, especially relating to acquisitions, the basis for … Read more
As technology boosts, the capability to track exercise has only increased. As a cyclist, you want to examine your travel and use the full total results to enhance your skill. You will find of computers out there designed for cycling plenty, but with the advances in smartwatches the features and functionally is preferable to those clunky computers. Plus, you can use a smartwatch during the day to gather more information on your well being and recovery. We reviewed our favorite fitness trackers for cycling, which means you can find the best fit for your cycling style.
The Garmin Forerunner 935 is a comfortable, lightweight tracker ready to offer you quality information. The small design will not compromise on features. The detectors included are a barometer, altimeter, thermometer, and a built-in GPS. This watch works well for operating, so if your cycling includes triathlons, this is a great choice for you.
Simply press a button to improve the exercise and stay in the zone. We found the menu design simple and clean. Choose your favorite features to appear at the very top to avoid shuffling through apps to find what you would like. The Garmin Forerunner 935 also includes a heart-rate monitor and that means you can respond to real-time data. Connect to your telephone and get notifications without interrupting your workout. We liked that clearing notification on the watch also cleared them on the telephone.
There is a Forerunner 935 app that comes along with the watch which allows you … Read more