Takeover Law and Legal Definition
Takeover refers to the act of assuming the control over a corporation. A takeover is usually achieved by a purchase of shares or merger.
In Angello v. Board of Coop. Educ. Servs., 80 Misc. 2d 472, 473 (N.Y. Misc. 1975), the court held that a takeover means to assume control of possession or responsibility for.
There are two types of takeover. They are friendly takeover and hostile takeover. A friendly takeover is approved by the corporation’s board of directors. However, the board of directors resists a hostile takeover.