Bakgrund: För att skydda de aktieägare som berörs av uppköpserbjudanden finns detregler för processerna kring dessa. I vissa av dessa uppköpserbjudanden kräverreglerna att målbolaget inhämtar en så kallad fairness opinion där en oberoende partska uttala sig om budets finansiella skälighet för aktieägarna. Skeptikerna tillutlåtandet är många men forskningen på den svenska marknaden, obefintlig. Mycketav kritiken som lyfts fram gäller utgivarnas oberoende och revideringen av takeoverreglerna,som kom år 2009, skärpte kraven kring just oberoende, vilket aktualiserarfrågan kring hur dessa regler fungerar och hur oberoendet ser ut på den svenskamarknaden. Syfte: Syftet med denna studie är att undersöka rollen och framtiden för fairnessopinion, på målbolagets sida, vid offentliga uppköpserbjudanden på den svenskaaktiemarknaden. Genomförande: Studien är av explorativ karaktär och inkluderar 14 kvalitativaintervjuer med utgivare av fairness opinion och andra intressenter med erfarenhet avutlåtandet samt en sammanställning av offentliga uppköpserbjudanden på den svenskamarknaden under åren 2007-2012. Slutsats: Revideringen av takeover-reglerna, år 2009, har haft stor påverkan påmarknaden och bidragit till en ny syn på utgivarnas oberoende och en prispress påfairness opinion. Reglerna lämnar dock en del att önska och vi anser att man börinföra en begreppsmässig distinktion kring utlåtandets användning i olika situationersamt en ökad transparens i utlåtandet för att öka värdet för aktieägarna.Nyckelord: Fairness opinion, uppköpserbjudanden, takeover-regler,värderingsutlåtande, företagstransaktioner / Background: In order to protect shareholders affected by public takeover offers,there are rules regarding the processes surrounding them. In some of these offers, therules require that the target company obtain a fairness opinion where an independentparty evaluates the financial fairness of the offer. The number of fairness opinionskeptics is high but the research on the Swedish market is non-existent. Much of thecriticism concerns the independence of the writers of fairness opinions and therevision of the takeover rules tightened these requirements, which raises questionsabout how these rules work and how independent the Swedish writers are. Aim: The objective of this study is to investigate the role and future of targetcompany fairness opinions in regards to public takeover offers on the Swedish stockmarket. Completion: This is an exploratory study, which includes 14 qualitative interviewswith writers of fairness opinions and stakeholders with experience from fairnessopinions and a compilation of public takeover offers on the Swedish stock marketduring the years 2007-2012. Conclusion: The revision of the takeover rules, in 2009, has had a major impact onthe market and contributed to a new view of the independence of publishers and apricing pressure of fairness opinions. The rules, however, leaves some things to bedesired and we reckon that there should be a conceptual distinction between thedifferent situations of fairness opinions, as well as greater transparency in thestatement to increase shareholder value.Keywords: Fairness opinion, public takeovers, takeover rules

Company transactions are increasing in number and value and is a method used for external growth. The increase in mergers and acquisitions can mainly be seen during the last decades and is now a common strategy on both a national and international level. However, most transactions experience problems with fulfilling the perceived value and synergies. Furthermore, digitalisation has created a higher dependency of companies on various IT systems, and rapid technological advancement has made the processes and theories regarding IT integration outdated. Thus, there is limited research on the relationship between IT systems and company integration and integration performance. The study aims to explore IT systems integration in the context of company transactions as well as attempts to identify key factors that influence integration performance. To explore the field, an embedded multiple-case study was conducted with a company performing international company transactions. The empirical study can be divided into three parts. First, initial interviews to probe the subject and gather information to create a holistic view of the problem. Second, gathering qualitative and quantitative data on the cases and conducting in-depth interviews. Third, the main study and exploration of the cases and collected data. Additionally, a literature review was conducted to create the theoretical foundation for the analysis and to complement the primary data. The thesis found that an objective method to measure performance is needed since the general view of the integration is not necessarily representative of the actual performance. The factors that influence performance were identified as of both strategic and organisational nature, where strategy and processes are important early on to create a common view of the project. People change management and active involvement from both parties are essential during the integration. The thesis contributes to the research field by exploration of the gap between theories regarding mergers and IT integration as well as by suggesting a nuanced view of the current approach to strategic alignment. Furthermore, the study builds on the general theory of measurement of integration performance by suggesting a metric to measure the performance of IT integration projects.