Transfer of Industrial Undertaking through a scheme of arrangement!

If a scheme of arrangement is introduced in respect of a third party acquisition for transfer of the entire undertaking, in which the shareholders of transferor company receive cash consideration from transferee  company, will the receipt in the hands of shareholders suffer more tax than what would have been tax liability if the transfer had been organized through a voluntary winding up! What about the transfer being regarded in the first place as a slump sale? Oh See the issues !