1. A merger is when two companies of roughly the same size will join up and form one new company. This new company would then be stronger or more competitive than either of the two would have been on their own. 2. "Acquisition" is when a company or person buys another ongoing business and both parties are in favour of the "acquisition" 3. A "take-over" is when a company is bought or "acquired" by another company almost against their will. They were not in favour of the "take-over", but they had no choice as the first company bought enough shares to control the second company. 4. A "buy-out" would be similar to an "acquisition"