Hostile takeovers can be a high-stakes affair that leaves a lasting impression the corporate landscape. They involve an acquirer trying to acquire the target company against the wishes of the board and management. Despite their high-profile and public nature, hostile takeovers are not as frequent as they once were.

In the 1980s, there were a record number of hostile takeover bids that were not solicited, and board members were afraid of “corporate raiders” like Carl Icahn. The events were widely discussed and often led to long negotiations, which were mud-slinging.

One notable example was the acquisition of Cadbury by Kraft Foods Inc in https://jobdataroom.com/essential-features-of-virtual-data-rooms-for-business-growth/ 2009. It was the largest hostile takeover ever in history at the time, and was a source of anger for UK workers worried about losing their jobs to foreign ownership. Cadbury’s management rejected the offer, claiming it was an unqualified bid. Kraft sweetened its offer and eventually bought the confectionary giant.

Another notable instance is the purchase by KKR of Airgas in the year 2010. This hostile takeover of an industrial gas producer was one of the largest leveraged acquisitions in the era. The media rage grew, and the deal ended up in a lengthy legal battle.

A more recent case is the acquisition of Twitter by Elon Musk in 2022. This was an acquisition that was hostile and required the use of an anti-poison pill defense that resulted in turbulent negotiations and massive policy changes following the acquisition. This was a case of an acquisition that was strategically planned and successful in surviving the hostile takeover battle showing how important it is for the target firm to have a well-defined strategy to fend off unwanted offers.