Investment Bankers often become involved with the mergers and acquisitions of firms.

So, why might a firm need an investment banking firm to both initiate and complete either the merger or acquisition of a firm...and, tell us what the difference is between a merger and an acquisition.

In addition, as CEO (chief investment officer) of the firm, you are to determine the best time to commence the merger/acquisition and the terms of the purchase/take-over. What type of questions might you have, and, what types of market (stock/bond market levels of rates and activity) conditions might favor various methods for said merger/acquisition. Lastly, how might you go about selecting an investment banking firm?