Currently, POP Co$.$ has two business units: one producing beverages and another producing snack foods. The company just completed a strategic review and has decided to completely divest its snack food manufacturing operations. The company wants to sell off the entire snack food manufacturing operation and receive cash to use for other business purposes.

Which one of the following transactions is the most suitable course of action?

Question $15$ options:

a$)$

Perform an equity carve$-$out of the snack food business, retaining at least $85\%$ ownership

b$)$

Spin off the snack food division as a separate entity

c$)$

Sell the net assets of the snack food division for cash

d$)$

Sell shares of POP to a strategic buyer