Public Information Book (PIB)
What is a Public Information Book (PIB)? A Public Information Book (PIB) is a document that compiles available public information on a specific company. Generally, it contains information from the company’s latest annual report, equity research reports, industry information, news articles, and recent quarterly earnings webcasts or conference calls. A PIB is very helpful when performing...
Fairness Opinion
What is a Fairness Opinion? A fairness opinion is a report compiled by a qualified investment banker or advisor that evaluates the fairness of the price offered during an acquisition, takeover, or merger. The opinion relates to the price offered by the buyer and the fairness of the terms to the company’s shareholders. It is...
Offering Memorandum
What is an Offering Memorandum? An Offering Memorandum is also known as a private placement memorandum. It is used as a tool to attract external investors, either specifically targeting a known group or just soliciting willing investors in general. The document enables the investor to understand in detail the investment, so as to help them...
Creeping Takeover
What is a Creeping Takeover? In mergers and acquisitions (M&A) a Creeping Takeover, also known as Creeping Tender Offer, is the gradual purchase of the target company’s shares. The strategy of a creeping takeover is to gradually acquire shares of the target through the open market, with the goal of gaining a controlling interest. Understanding...
Key Man Clause
What is a Key Man Clause? A key man clause is a contractual clause that prohibits an investment firm or fund manager from making new investments if one or more key persons are not available to devote the necessary time to the investment. A key man is an important employee or executive who is critical...
