Without S.r.l. is a company based in Milan that organizes and manages events for the fashion sector.

Hybris Corporate Finance was commissioned to prepare a fairness opinion on the valuation of the Company by the advisors of the minority shareholders of Without.

The valuation, prepared by the shareholders who hold the majority of the Company's capital, was instrumental in determining the exit value of the minority shareholders.

The Hybris Corporate Finance team proceeded to (i) consult the document containing the assessment of Without drawn up by the Controlling Shareholders (ii) collect some data relating to the reference sector in which the Company operates, with a particular focus on development prospects and M&A research of comparable transactions and (iii) summarize their considerations in a document.