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In a consolidation, approval is not needed by the board of directors and shareholders of each corporation - False
In a consolidation, approval is needed by the board of directors and shareholders of each corporation that is involved in the merger. A consolidation, also known as a merger, is a business strategy in which two or more corporations combine to form a single entity. The process of consolidation involves the negotiation and agreement of the terms of the merger by the board of directors of each corporation.
While a corporation's day-to-day operations and even the policies governing those activities are often left to its officers and directors, any extraordinary matter, such as a merger or consolidation, requires shareholder approval. The approval is needed as a consolidation involves significant changes to the structure and ownership of the corporations involved, and requires the support and agreement of the key stakeholders.
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