You can restructure and reorganize a company without bankruptcy. But you sure did jump to that negative statement to suit your argument without bothering to understand the true functions that are necessary in a merger or acquisition.
Here's information that will help you understand so that next time you are not so uninformed and give out misinformation so hastily:
Mergers vs. Acquisitions While the two processes are similar, don't confuse mergers with acquisitions. While in many cases the distinction between the two may be corporate politics and semantics, there are a lot of blue chips that make quite a few acquisitions while maintaining a relatively low volatility. As a general rule of thumb, if the corporate leadership of the company in which you own a stake doesn't change much, it is probably an acquisition. However, if your company experiences significant restructuring, we're looking more along the lines of a merger.
And it's taken from this article so you can expand your knowledge base :-)