Blasco Distributors Has Become a Large Conglomerate

Blasco Distributors has become a large conglomerate.Its board of directors recently concluded that the firm has become so large that it has lost its efficiency.The board further concluded that the firm could be both more efficient and more profitable if it were divided into three distinct and separate firms.The board presented this suggested to the firm's shareholders and those shareholders voted and agreed to divide the firm.Dividing this firm into separate entities is referred to as a(n) :

A) lockup transaction.
B) divestiture.
C) equity carve-out.
D) spin-off.
E) split-up.