The NOL is not a big attraction to the acquirer. With a 100% ownership change of CTL, an acquirer's annual use of the NOL is limited. In fact, since a standalone CTL does get full value out of the NOL, if an acquirer expects little or no short term increase in the price it should just sit on its hands and do nothing.
The long-term tax-exempt interest rate is now 1.63%.
What this means is if the company's equity were to be acquired for $25B today, only about $400M ($25B x 1.63%) of taxable earnings per year would be sheltered by NOLs, until the NOLs were used up (or expire). At a 21% Federal rate that is a tax savings of about $84M per year (plus some state income tax savings). Compare that with a $1 difference in the purchase price being worth $1.08B.