My understanding from what I have heard of a sale of ZEL would be that in order to be the most tax efficient possible shares of ZEL would be issued to all shareholders of ZCC as a splitting of their ownership interest in ZCC. This would be the same as was done with shares of RVX at the time of the splitting off from RVX to shares of ZCC. There was no tax consequence to most (all?) shareholders on the date in 2013 who then received the shares of ZCC

that would have the advantage that current shareholders of ZCC would then directly hold one share of ZEL for every share that they hold in ZCC, and that share would likely be valued at a percentage of what value they had on their shares of ZCC.

When the deal is done the cash or shares of the acquiring company would have tax consequences that I believe would be most advantagous to them as a capital gain of whatever they receive over their capital value of their shares in ZEL. If it is cash there is a hell of a lot of tax to pay but as the accountants say the only thing worse than having too much tax to pay is not having too much tax to pay (unless it is because the structure of a transaction minimizes tax).

if the deal is done in shares of the acquiring company then there is the possibility of passing along some or all of the value of the shares being given up in the transaction as the value of the newly received shares of the acquiring company. (I do not understand this part completely but I am aware there are ways to do it)

of course as part of preparing to do the transaction I would expect ZCC to change ownership of IP and medications etc. to be changed between ZCC and ZEL so that what is of interest to the buyer and which ZCC is willing to give up is moved between the ownership of ZEL and of ZCC.

This could also apply between RVX and ZCC znd or ZEL.

A sale of RVX itself would have much the same possibilities for rearranging corporate structure of RVX and sale for cash or shares of an acquiring company.

I prefer the acquisition with shares of the acquiring company as My goal is to maintain ownership of the right to receive dividends from the business of this medication and not to just receive great gobs of cash (though I would accept cash if I must), I also would turn around and invest proceeds of any such sale back into what I could get into whether RVX or another form of this business)

I find all of these possibities fascinating and am eagerly awaiting the opportunity to see what happens