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So I personally would tend to outline my opinion in an executive summary and then my analysis would be thematic. I know some people like SWOT and PESTLE for this type of thing but I used to just like selecting the themes which were pertinent (but I used to be guided by PESTLE so I knew I wasn’t missing anything so would keep this in my mind.


themes can be:

Finance/price

Assets of the two businesses

Outstanding litigation

Antitrust concerns

Market/social considerations (consumer appetite)

Reputation


I would then assess the two against each other, always concluding after each paragraph to show my thoughts.


also try to use headings etc and format clearly :)


I hope this helps, any follow ups please tag me :)


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