What term describes a company acquiring another against the wishes of its management?

A company acquiring another against the wishes of its management is carrying out a hostile takeover.

The defining feature is opposition from the target’s board or executives. Instead of negotiating an agreed merger with management, the bidder may appeal directly to shareholders through a tender offer, launch a proxy fight to replace directors, or quietly buy enough shares to gain control. “Hostile” describes the relationship with the target’s leadership, not necessarily unlawful or physically aggressive conduct.

A hostile takeover is different from a friendly takeover, in which the target’s board supports the deal. A merger describes the combination of companies and can be either friendly or hostile; it is not automatically a synonym. A buyout simply means purchasing control or ownership and likewise does not indicate whether management agreed.

Hostile bids became especially prominent during the takeover era of the 1980s, when corporate raiders and leveraged buyouts drew major attention. Defensive devices such as poison pills, staggered boards, and white-knight deals are designed to make an unwanted bid harder or more expensive.