Definition - What does Acquisition mean?
An acquisition is when a company either purchases another company entirely, or purchases a controlling interest of another company. This corporate action is typically made because the purchasing company believes that the company it is acquiring will help its financial goals in some way.
In the context of the law, once a business is acquired, the company that acquired it has legal control over the business.
Justipedia explains Acquisition
Many times, a company desires to be acquired by a larger company. This could be because the owners want to sell it, etc. In these circumstances, the owners of the company can seek out and encourage other companies to acquire the business. However, sometimes the owners of a company do not want their business to be acquired. But, they may find that another company is trying to purchase a controlling interest through the purchase of large amounts of stock. Attempting to acquire a business in this manner is called a "hostile takeover."