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Ethics & accountability · Ethical pushback

In a fairness opinion, a senior banker wants to emphasize the comparable companies that support the deal price and downplay the ones that don't, arguing it's just "framing." You think that selective presentation misleads the board. How do you push back?

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A fairness opinion isn't advocacy — the board relies on it to discharge a duty to its own shareholders, so the analysis has to show the full comp set, including the comps that cut against the price.…

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