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The distinguishing factor that makes the correct answer valid is the fundamental nature of the transactions involved in a merger versus an acquisition. In a merger, two independent companies come together to form a new, single entity. This typically involves both companies agreeing to integrate their operations, resources, and management structures, resulting in the dissolution of their separate identities.

On the other hand, in an acquisition, one company takes control of another by purchasing its assets or shares. This means that the acquiring company remains intact, while the acquired company may either continue to exist as a subsidiary or be absorbed completely.

The key difference lies in the concept of integration and continuation. A merger is characterized by a more collaborative approach to combine strengths, whereas an acquisition is about buying another company and asserting control. The remainder of the options, while they touch on aspects of the processes, do not capture the core distinction evident in the understanding of these terms.