A conglomerate company is conducting a strategic review with a view to restructuring its operations through divesting one or more of its under-performing segments and/or the distribution of the sales proceeds of assets to shareholders. You are a Chartered Accountant working in the finance department of the company, and your boss has asked you to prepare a brief presentation to the next meeting of the finance team on the topic; reasons for restructuring and divestiture. Specifically she has asked you to cover briefly the following reasons: (a) Spin-offs to achieve reverse synergy (b) Change in strategic direction (c) Wealth transfers from debt holders to shareholders (d) Information signalling of divestiture to financial markets (e) Management's personal agenda