But there was never an independent valuation or a fairness opinion.

"The deals were so small that it did not seem feasible to have a fairness opinion for them," the person close to the board said.

But other just-as-qualified, more independent banks could have advised or written the fairness opinion.

Merrill officials declined to comment in detail on the fairness opinion.

Most shareholders probably don't realize that fairness opinions were never meant to be fair.

Ever since, boards have routinely asked for fairness opinions on most deals.

The same goes for banks providing fairness opinions to themselves on financial deals.

Boards of directors use fairness opinions as a data point in deciding whether to vote for or against a deal.

But he left open the possibility a higher offer might require a fairness opinion, which may be one reason Universal got one.

That enduring unfairness is related to, of all things, the fairness opinion.