The ACSM file is a control file that is used by Adobe Digital Edition (ADE) to actually download the ePub. ADE in turn uses an Adobe ID and password to associate the DRMed content with you.
Apprentice Alf has tools that can link in with calibre to remove DRM from ADE protected ePubs. Additionally there is a tool OBOK that will access content within Kobo Desktop and remove the Kobo DRM.
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