Hostile Takeover

An acquisition attempt that proceeds without the approval of the target company's board of directors, typically through a tender offer directly to shareholders or a proxy fight to replace the board. Famous hostile takeovers include KKR's 1988 leveraged buyout of RJR Nabisco, which became the subject of the book "Barbarians at the Gate." Target companies often deploy defenses like poison pills, staggered boards, or white knight bids from friendlier acquirers.