A hostile takeover is the acquisition of one company (the "target") by another (the "acquirer") where the target company's board of directors has refused the acquirer's offer, or where the acquirer makes a public tender offer for the target company's shares without the board's approval. In order for a hostile takeover to be successful, the acquirer must obtain majority control of the target company's shares. Once this occurs, the acquirer can replace the target company's management with its own and take control of the company. While hostile takeovers can be risky ventures, they can also be highly profitable for the acquirer if executed correctly. Moreover, in today's global economy, hostile takeovers have become increasingly common as companies look for new ways to grow and expand their businesses.