High Hotels Inc. (HHI) operates 10 hotels and one golf course across Canada and is a publicly traded company. Recently, the directors decided to sell off the golf operations and focus solely on the companys hotel operations, even though the golf operations continue to be profitable. The directors are now trying to decide how best to divest of the golf operations.

Required: Briefly describe the three common divestiture strategies that could be used by HHI. As part of this description,explain who receives any cash flow from the divestiture.