On behalf of a minority shareholder, First Key provided an objective assessment of the fair market value of their interest in the brewery for comparison to the Company’s offer price. The assignment was structured into two phases. The first phase included a critique of the Company’s valuation analysis to determine whether any deficiencies or limitations might have resulted in a material undervaluation of the shares. The second phase included a comprehensive valuation analysis and formal opinion prepared with the knowledge that our report may have to be defended in a court of law if legal proceedings were to commence. Because of our involvement, the client received share redemption proceeds in excess of 50% more than the original offer price.
