An acquisition is a transaction wherein one company purchases most or all of another company’s shares to gain control of that company. Acquisitions are common in business and may occur with or without the target company’s approval. With approval, there is often a no-shop clause during the process. Although most people commonly hear about the acquisitions of large well-known companies, mergers and acquisitions (M&A) occur more regularly between small- to medium-sized firms than between large companies.