Describe the basic differences between mergers, leveraged buyouts, management buyouts, divestitures, and spin-offs.

Mergers：combination of two firms such that only one survives

Leverage Buy Out (LBO) : is the acquisition of another company using a significant amount of borrowed money to meet the cost of acquisition.

Management Buyout (MBO) : is a transaction where a company's management team purchases the assets and operations of the busines

Devestiture: is the disposition or sale of an asset by a company. A company will sell an asset or a production line in order to focus on a particular one.

Spinoff : is the creation of an independent company through the sale or distribution of new shares of an existing business or division of a parent company. It's a type of devestiture