This paper addresses the problem of an acquiring firm's choice of acquisition strategy under corporate control competition. By formulating the corporate control competition as a bargaining game model, it theoretically demonstrates that the greater the acquiring firm's synergy, the more it prefers tender offers over mergers, which is also consistent with empirical research findings. The differentiation of acquisition strategies according to the magnitude of synergy is attributable to differences in the degree of information disclosure and in the bargaining structure.