Fairness opinion jako instrument wsparcia zarządów spółek w przygotowaniu stanowiska w sprawie publicznych wezwań do sprzedaży akcji spółek giełdowych w Polsce
Fairness Opinion as an Instrument of Support for the Companies Management Boards in the Preparation of Their Statement Regarding Public Takeover Bids for Shares of Stock Listed Companies in Poland

Summary/Abstract: Purpose – The purpose of this article is to present the role and importance of fairness opinions as a tool of support for the management boards of companies listed on the Warsaw Stock Exchange in the preparation of their position with regard to public takeover bids for shares of these companies. Methodology – The analysis of 287 cases of public takeover bids for shares of stock-listed companies in Poland in the period between 24th October, 2005 and 30th May, 2016 has been carried out, with particular focus and a detailed analysis of those bids with regard to which fairness opinions were drafted. Findings – The study testifies to a weak interest in fairness opinions by the management boards of stock-listed companies. In the analyzed period, only 34 fairness opinions were drafted by outsourced entities upon order from the management boards. This means that fairness opinions were used with every ninth takeover bid. Originality/value – The author’s original contribution is the investigation of the scope of use of fairness opinions by the management boards of stock-listed companies in Poland in the period between 24th October, 2005 and 30th May, 2016.

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