A statutory consolidation is a type of business combination in which:
A. Two publicly traded companies agree to share a board of directors.
B. Each of the combining companies is dissolved and the net assets of both companies are transferred to a newly created corporation.
C. One of the combining companies survives and the other loses its separate identity.
D. One company acquires the voting shares of the other company and the two companies continue to operate as separate legal entities.
Answer: B
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