“Background to the drafting of these recommendations
The Autorité des marchés financiers’ recommendation on independent appraisals, published online on 28 September 2006 and amended on 19 October 2006, stipulates that the Independent Expert shall have access to “the data necessary to assess the synergies expected in the context of the transaction under review, in particular if the amount of the synergies has been made public, or in the event of a public exchange offer.”
Despite these recommendations, there are still too few fairness opinions that give synergies the prominence and detail that the Autorité des Marchés Financiers would like to see.
With a view to improving the information provided to minority shareholders and to the directors or members of the management board for whom the Independent Expert’s work is intended, the working group proposes five recommendations to the members of APEI.”