What Does the Term "Merger" Indicate

What does the term "merger" indicate?

A) A larger business has absorbed a smaller business into its operations.
B) A larger business has taken control of a smaller one against the wishes of the smaller company's management.
C) Shareholders of a one business no longer have a financial stake in the combined enterprise.
D) There is mutual agreement between two businesses to combine.
E) The businesses being combined are run independently as separate business units.