<p>➀ Honda and Nissan terminated their merger discussions due to significant differences in expectations for the combined company; </p><p>➁ The proposed holding company would have been named Honda Corporation without any reference to Nissan; </p><p>➂ Honda expected Nissan to lay off 40,000 of its 130,000 employees; </p><p>➃ The valuation ratio of the two companies was 5:1; </p><p>➄ Honda would appoint the president of the holding company and the majority of its internal and external directors; </p><p>➅ Nissan would become a subsidiary of Honda; </p><p>➆ Nissan could not persuade Honda of the feasibility of its turnaround plan.</p>