How do you use relative P/E in a reverse merger or merger of equals where there is no clear acquirer?

In a merger of equals or reverse merger, analyze exchange ratio, ownership split, contribution of earnings, and relative valuation. Instead of simple acquirer P/E versus acquisition P/E, compare each side's contributed earnings to pro-forma ownership. The party receiving more ownership than its earnings contribution is economically favored, before synergies and control considerations.