They, too, would incur capital gains taxes on selling their teams, unless some type of complex tax-free exchange can be worked out.
Peoples will offer 1.26 of its common shares, worth about $25.60, for each Family share in a tax-free exchange.
Under terms of the definitive agreement, the deal will be structured as a tax-free exchange.
The merger would involve a tax-free exchange of stock for securities in a new holding company.
One is tax-free exchanges, which are often used in real estate.
The stock swap was intended to provide a tax-free exchange.
It then merges with the acquiring company through a tax-free exchange of stock.
"People do not know what to buy, even if it is a tax-free exchange."
He said it would be accomplished in a tax-free exchange of shares.
The transaction will be a tax-free exchange, accounted for as a pooling of interests.
