Template:M comp disc Equity Derivatives 12.3(e)

Paragraphs 12.2(f) (Merger Events) and 12.3(e) Tender Offers) are identical in all respects other than the word “Merger” or “Tender Offer”. There: that saved you a bit of bafflement.

That being the case you might wonder why ISDA’s crack drafting squad™ saw fit to write them out separately, eschewing the option for a cheeky as the case may be — but their chosen architecture, treating Merger Events and Tender Offers separately, forces them into this leaden exposition. We have some tedious thoughts on the unwisdom of this in our drafting principles section, if you are interested.