How do you distinguish a merger from an acquisition?

• A merger can only be paid for with debt, whereas an acquisition must be paid entirely in cash
• An acquisition is always structured as a merger of equals so that both boards can be kept fully intact after close
• A merger means the larger company purchases and absorbs the smaller one outright, taking over all of its operations
• A merger transfers only assets while an acquisition transfers only the target's shares to the buyer, which is the sole distinction
• A merger combines two companies into one (often as equals); an acquisition is one company buying another