My 2 cents..

An acquiring company would most likey have use, however they would only be able to use a portion of the NOL each year (long conversation regarding Section 382 limitations). Then there are issues in relation to SRLY (losses incurred after acquisition) and Non SRLY.

Also, when utilizing an NOL for income tax purposes, only 90% of the income can be used to offset AMT (Alternative Minimum Tax) income. Again to save time, if a corporation has approximately 400,000 of taxable income, they will pay federal tax that year (A coproration has a 40,000 exemption to offset AMT (400,000 x 90%= 360,000 then exemption 40,000-40,000). Although, I believe we have a AMT Foreign Tax Credit Carryover which can offset AMT above those amounts.

In sum, the NOL means a bit more to us than to an acquiring company.

Since we have to pay a big premium to DM if sold, probably not worth adding this to the list under an if acquired assumption.