TRANSACTION ADVISORY services

BVA offers several transaction advisory services including:

• Fairness opinions
• Solvency opinions
• Merger and acquisitions consulting

Fairness Opinions

BVA prepares transaction fairness opinions to assist boards of directors, shareholders, and fiduciaries in making informed decisions.  Boards of directors and shareholders benefit from an independent, external review of the transaction performed by a valuation expert.

BVA relies on valuation experience and expertise, access to timely capital market information, and our understanding of complex transaction structures in developing our fairness opinions.  A rigorous approach utilizing proven valuation techniques and thorough industry analysis yields an opinion that provides a firm basis for a conclusion.

BVA provides fairness opinions in connection with:

• Acquisitions and divestitures
• Mergers
• Leveraged Buyouts
• Going-private transactions
• ESOP transactions
• Related-party transactions

Solvency Opinions

Similar to a fairness opinion, a solvency opinion assists the board of directors or other fiduciary in determining if a proposed transaction results in insufficient capital to continue operations.  Since a board of directors can be held personally liable in cases of fraudulent transfers or illegal distributions, board members often seek a solvency opinion in connection with a special dividend, spinoff or recapitalization transaction.

Specifically, BVA assesses a company for solvency by testing if:

1. the fair value of the company's assets exceed the stated value of the company’s liabilities, including all contingent liabilities;
2. the company will be able to pay its stated liabilities, including contingent liabilities, as they mature; and
3. the company will not have an unreasonably small amount of capital for the operation of the businesses in which it is engaged.

Solvency opinions require a substantial amount of due diligence.  Additionally, scenario analysis is required to test for the sensitivity of the company to changes in assumptions.  BVA has the experience and personnel to handle these complex analyses.

BVA offers solvency opinions for:

• Corporate spinoffs or split-offs
• Leveraged recapitalizations
• Leveraged buyouts
• Dividend recapitalizations

Mergers and Acquisitions Consulting

BVA provides valuation consulting services related to transactions that may include assisting buyers and sellers with determining the value of a potential acquisition or sale of a company, division, or ownership interest.  Additionally, we provide consulting services regarding key financial and valuation issues in order to maximize the value of a potential transaction.  Our professionals are available to assist with negotiations and provide valuation and financial support analyses to various transaction team members.