Business combinations have been a common business transaction since the start of commercial activity. The concept is simple: A business combination is the group acquisition of all of a company’s assets at a single price. Business combinations is a comprehensive term covering all acquisitions of one firm by another. Business combinations can be further categorized as either mergers or consolidations. The term merger applies when an existing company acquires another company and combines that company’s operations with its own. The term consolidation applies when two or more previously separate firms merge into one new, continuing company. Business combinations make headlines not only in the business press but also in the local newspapers of the communities where the participating companies are located. While investors may delight in the price received for their interest, employees become concerned about continued employment, and local citizens worry about a possible relocation of the business.