What is the main difference between a merger and an acquisition?

a. There is no real difference—the terms are synonymous.

b. An acquisition is a merger involving a hostile takeover.

c. In a merger, there is never an acquirer or a target—two companies simply fuse together.

d. A merger is a type of acquisition in which the acquirer and the target combine to become one legal entity.

e. Whether a transaction is a merger or an acquisition depends on the common law of the state in which the transaction occurs.