An Independent Expert Report (IER) is an independent and objective analysis of a proposed transaction undertaken for the purpose of stating whether the transaction is fair and reasonable to shareholders, or is in their best interests. An IER may be required in a number of circumstances where proposed transactions are being put to a company’s shareholders for their approval.

An IER is often prescribed by the rules of the Australian Securities Exchange (ASX), regulatory guides issued by the Australian Securities and Investments Commission (ASIC) or under the provisions of the Corporations Act. In these cases the key role of an IER is generally to ensure that shareholders receive an independent analysis of proposed transactions involving related parties or other persons of influence.
In addition to any legislative or regulatory requirements, many company boards also voluntarily commission IERs in order to provide their shareholders with the most comprehensive information possible with regard to a proposed transaction and consider it to be a prudent measure consistent with the exercise of strong corporate governance.

Typically, an IER will include a detailed analysis of the proposed transaction, an analysis and valuation of the entities involved and an overview of the industry or industries in which the entities concerned operate. Most importantly however, an IER includes an opinion as to whether the proposed transaction is considered to be ‘fair’ and ‘reasonable’ (or in the ‘best interests of’) shareholders, together with a discussion of the reasons for forming such an opinion.

We are serious about our independence and review transactions from an impartial and professional perspective. Our reports are comprehensive yet clear and concise, ensuring that shareholders are well-equipped to make an informed decision.

How we can help

Our team has extensive experience in preparing IERs in accordance with regulatory requirements.  Our professionals combine specialist valuation skills with astute commercial knowledge to assess the transaction in relation to the company’s shareholders.

We prepare IERs in respect to the following transactions:

  • Schemes of arrangement
  • Takeover bids
  • Related party transactions or transactions with person of influence
  • Compulsory acquisitions or buy-outs of minority interests
  • Situations where non-cash consideration has been paid in the fourth months prior to the takeover offer
  • The acquisition of securities requiring shareholder approval
  • Selective capital reductions and share buy-backs
  • Demutualisations of financial institutions
  • The acquisition or disposal of a substantial asset

Corporate Advisory >

Not What You're
Looking For

Ask Us Today!

All the Latest From Our Corporate Advisory Team

Benchmarking your practice

Posted By William Buck News on 15/05/2019 01:22:55 am

‘Benchmarking’ is a term that has been around for many years in the business world, and it can go in and out of fashion just…

Read More
The implications of digital health and the emerging models of care

Posted By William Buck News on 14/05/2019 11:14:01 pm

The impact of digital is transforming the Australian health sector by enabling new and emerging models of care, which will change the future delivery of…

Read More
Succession Planning for your Business

Posted By William Buck News on 13/05/2019 10:51:18 pm

At some point in the lifecycle of every business (e.g. the retirement of the owner/ founder, personal issues, market circumstances, etc.), you must consider your…

Read More
2019 Venture Capital Report

Posted By William Buck News on 08/02/2019 05:20:32 am

Venture Capital investment in Australia reaches A$3 billion in 2018: William Buck 2019 Venture Capital Funding Report Key points in this release In the year…

Read More