The difference between a merger and an acquisition is that

Multiple Choice

a merger is the combining of two or more companies into a single corporate entity, whereas an acquisition involves one company $($the acquirer$)$ purchasing and absorbing the operations of another company $($the acquired$).$

a merger involves two or more companies deciding to adopt the same strategy, whereas an acquisition involves one company taking over the strategy$-$making function of another company.

in a merger, the companies retain their original names, whereas in an acquisition the name of the company being acquired is changed to be the name of the acquiring company.