Are All MOEs Created Equal?

Law360, New York (April 3, 2013, 12:32 PM EDT) -- With valuations stabilizing and the M&A market heating up, a rebirth of stock-for-stock deals, after a long period of dominance for all-cash transactions, may be in the offing. If this happens, we expect to see renewed use of the term “merger of equals” (MOE) to describe some of these all-equity combinations. As a starting point, it may be helpful to define what an MOE is and, equally important, what it isn’t.

The term itself lacks legal significance or definition, with no requirements to qualify as an...
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