1. What is the difference between a merger and a consolidation? 2. Why might the portfolio effect of a merger provide a higher valuation for the participating firms? 3. What is the difference between horizontal integration and vertical integration? How does antitrust policy affect the nature of mergers? 4. How is goodwill now treated in a merger? 5. Suggest at least five ways in which firms have tried to avoid being part of a target takeover Answer each question and show your work please