Any person or other legal entity who acquires by purchase, merger, consolidation, devise, inheritance or other means substantially all of the business of any employer and continues such acquired business shall be deemed to be a successor to the predecessor from whom such business was acquired for the purpose of this article and, if not already an employer prior to such acquisition, shall become an employer on the date of such acquisition and shall succeed to the employment benefit experience record of the predecessor. The Commission shall prescribe by regulation the notice to be given of such acquisition. For the purposes of Chapters 27 through 41 of this Title the term "substantially all" shall be deemed to mean ninety-five percent or more of the business as determined by the Commission in a particular case.