Why'd a company issue unpaid shares, to acquire or merge companies? Under the heading Why would a company issue unpaid shares? by Johnathan Korchak

Although unpaid and partly paid shares are far less common than fully paid shares, there are a number of reasons why a company might choose to issue them:
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[second-last bullet] In line with a strategy to implement an acquisition or merger of companies.

Under the heading Why would I issue unpaid shares?

Companies may choose to issue partly-paid or unpaid shares for a variety of reasons, including:
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[last bullet] As part of a strategy to implement a merger or acquisition.
Why would a company issue unpaid shares?


Possible reasons are:


buyer's temporary lack of sufficient funds to perform the
acquisition, whence the issuer of shares is willing to grant credit for
the sake of "closing the sale";
fiscal planning (be it the buyer's and/or the issuer's planning) might be such
that delaying payment of shares will place him at a more convenient tax bracket
in the acquisition and/or disbursement fiscal year(s) (this is more evident in cash based accounting systems), and/or the delay of payment will allow
him to qualify for certain tax deductions;
issuer predicts the price of shares will fall (and possibly discourage prospects of merger/acquisition), so he hedges against
that risk by entering a forward contract with the buyer, with the incentive --to the buyer-- that transfer of shares will be effective immediately;
buyer is willing to commit to a higher price on unpaid shares so as
to anticipate upcoming legislation that will make it harder to
perform akin mergers/acquisitions.