1 Hourglass: Torso and hips are approximately the same width - with waist definition.  Apple: Torso and upper body wider than your hips - with little or no waist definition. You might have weight surrounding your waist.
From a legal point of view, a merger is a legal consolidation of two entities into one entity, whereas an acquisition occurs when one entity takes ownership of another entity's stock, equity interests or assets.
Steps of Mergers and Acquisition Process. The process of merger and acquisition has the following steps: Market Valuation. Before you go for any merger and acquisition, it is of utmost important that you must know the present market value of the organization as well as its estimated future financial performance.