‘Merger of equals’ transactions (MoEs) have experienced a regeneration, and many of the business combinations witnessed during the most recent MoE cycle are, or will be, ‘transformational’ not only for the merging companies but also for the industries in which they operate.
This article seeks to examine recent trends in MoE activity, as well as comparing these trends with the MoEs of the last 20 years. It will address both familiar MoE considerations and concerns based on the latest MoE cycle, as well as new considerations and complexities (of both a legal and a corporate finance nature) that should be borne in mind by stakeholders and the market when assessing MoEs, particularly in the context of cross-border transactions. After making some general observations about MoEs, by way of a backdrop to its analysis, the article will proceed to discuss in detail these trends and considerations.
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