To create value for shareholders via diversification, a company must

A diversify into businesses having either key success factors or value chains that are similar to its present businesses

spread its business risk across various industries by only acquiring firms that are strong competitors in their respective industries.

the industry attractiveness test, the cost$-$of$-$entry test, and the better$-$off test.

the resource strength test, the growth test, and the profit test.

the industry attractiveness test, the competitive strength test, and the shareholder value test