• A form of divestiture in which an operating unit becomes an independent company by issuing shares in it on a pro rata basis to the parent company's shareholders.
• Is a company or division which is separated from the parent. Here, the parent's shareholders receive pro rata ownership shares in the newly free standing organization.
• A company can create an independent company from an existing part of the company by selling or distributing new shares in the so-called spin-off.
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