The command line was incorrect - there was a forward slash before TRANSFORMS and there should not be. Correct command line:
msiexec /i "C:\install\AcroRead.msi" TRANSFORMS="C:\install\AcroRead.mst" /qb
It appears sometime around version 9.2 the Adobe Customization Wizard ("ACW") 9.0 stopped working with newer versions. I have an "AcroRead.mst" file which has some settings like supressing the EULA, disabling updates etc. I know that there are duplicates of the settings in the Windows registry under HKLM and HKCU, and I suspect that ACW hasn't been updated to reflect some change after 9.2.
Here are my steps
1. Download latest full installer which is 9.4 (AdbeRdr94_en_US.exe)
2. Extract files to a directory -
3. Use the ACW 9.0 to open the package and configure my settings. I save the package and generate a transform file AcroRead.mst.
4. Install Acrobat using this command line
-msiexec /i "C:\install\AcroRead.msi" /TRANSFORMS="C:\install\AcroRead.mst" /qb
5. The next time I open Acrobat, the EULA still appears and none of the customizations I made were applied.
Set video to 720p and expand it for best viewing