In a statutory merger between two corporations, which of the following best describes what happens to the absorbed corporation?
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A
The absorbed corporation continues to exist as a wholly owned subsidiary of the surviving corporation
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B
The absorbed corporation ceases to exist and the surviving corporation automatically assumes all of its assets and liabilities
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C
Both corporations dissolve and their assets are transferred to a newly formed third corporation
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D
Shareholders of the absorbed corporation receive only cash and are prohibited from holding equity in the survivor