Mergers and spin-offs can have various impacts on shares, depending on the specific details of the corporate actions involved. In a merger, where two companies combine to form a single entity, the impact on the shares of each company can vary depending on the terms of the merger. In most cases, shareholders of the acquired company receive shares in the new, combined entity in exchange for their old shares. The value of the new shares will depend on various factors, such as the relative valuations of the two companies, the terms of the exchange ratio, and the overall market conditions at the time of the merger.

In a spin-off, a company separates one of its divisions or subsidiaries into a new, independent entity. This can result in shareholders of the original company receiving shares in the newly created company. The value of these new shares will depend on various factors, such as the market conditions, the new company's strength, and the spin-off terms. Overall, the impact of mergers and spin-offs on shares can be complex and depend on various factors, including the specific terms of the corporate actions involved and the overall market conditions at the time.