Hostile TakeoverThere are many types of takeover, such as:

Friendly takeover Hostile takeover Reverse takeover Backflip takeover

In this case, we’re only focus in hostile takeover. Hostile takeover is The acquisition of one company (called the target company) by another (called the acquirer) that is accomplished not by coming to an agreement with the target company's management, but by going directly to the company's shareholders or fighting to replace management in order to get the acquisition approved. A hostile takeover can be accomplished through either a tender offer or a proxy fight. A hostile takeover can be conducted in several ways. A tender offer can be made where the acquiring company makes a public offer at a fixed price above the current market price. Tender offers in the United States are regulated by the Williams Act. An acquiring company can also engage in a proxy fight, whereby it tries to persuade enough shareholders, usually a simple majority, to replace the management with a new one which will approve the takeover. Another method involves quietly purchasing enough stock on the open market, known as a "creeping tender offer", to effect a change in management. In all of these ways, management resists the acquisition, but it is carried out anyway.For instance, Oracle wants to require PeopleSoft. There are pros and cons in takeover.Pros:

1. Increase in sales/revenues (e.g. Procter & Gamble takeover of Gillette)2. Venture into new businesses and markets3. Profitability of target company4. Increase market share5. Decreased competition (from the perspective of the acquiring

company)6. Reduction of overcapacity in the industry7. Enlarge brand portfolio (e.g. L'Oréal's takeover of Body Shop)8. Increase in economies of scale9. Increased efficiency as a result of corporate synergies/redundancies

(jobs with overlapping responsibilities can be eliminated, decreasing operating costs)

Cons:

1. Goodwill, often paid in excess for the acquisition2. Culture clashes within the two companies causes employees to be less-

efficient or despondent3. Reduced competition and choice for consumers in oligopoly markets.

(Bad for consumers, although this is good for the companies involved in the takeover)

4. Likelihood of job cuts5. Cultural integration/conflict with new management6. Hidden liabilities of target entity7. The monetary cost to the company

8. Lack of motivation for employees in the company being bought.

DissolutionThe ending of a corporation, either voluntarily by filing a notice of dissolution with the Secretary of State or as ordered by a court after a vote of the shareholders, or involuntarily through government action as a result of failure to pay taxes. During dissolution, corporate assets are liquidated and distributions are made to pay off corporate debts.Dissolution based upon frustration of a shareholder's reasonable expectations is a significant expansion of the grounds on which courts will dissolve a corporate entity. This section places that development within the larger context of the circumstances in which shareholders can seek dissolution.

Corporations statutes now provide for: voluntary dissolution dissolution on deadlock dissolution for misconduct by those in control of the corporation dissolution on broader grounds not necessarily related to misconduct.

LiquidationDefinisi likuidasi menurut Kamus Besar Bahasa Indonesia adalah “pembubaran perusahaan sebagai badan hukum yang meliputi pembayaran kewajiban kepada para kreditor dan pembagaian harta yang tersisa kepada para  pemegang saham (Persero)”. Tujuan utama dari likuidasi itu sendiri adalah untuk melakukan pengurusan dan pemberesan atas harta perusahaan yang dibubarkan tersebut. Tahap likuidasi wajib dilakukan ketika sebuah Perseroan dibubarkan, dimana pembubaran Perseroan tersebut bukanlah akibat dari penggabungan dan peleburan. Perseroan yang dinyatakan telah bubar tidak dapat melakukan perbuatan hukum, kecuali diperlukan untuk membereskan semua urusan Perseroan dalam rangka likuidasi.

Sebab-sebab terjadinya likuidasi perusahaan1. sewaktu-waktu karena kehendak atau Rapat Umum Pemegang Saham

(dengan kuorum dan voting supermajority)2. jangka waktu berdiri perusahaan sudah berakhir dan tidak di perpanjang.3. berdasarkan penetapan pengadilan, yakni dalam hal – hal sebagai berikut:

·         Permohonan dari pihak kejaksaan.·         Permohonan paling sedikit 10% pemegang saham.·         Pemohonan kreditur (setelah pailit atau setelah pailit di cabut)·         Permohonan pihak perseroan dengan alasan karena adanya cacat

hokum dalam akta pendirian.4. sebagai akibat dari merger atau konsolidasi perusahaan yang memerlukan

likuidasi.

Tujuan Likuidasi Mengkonversi aktiva perusahaan menjadi uang tunai dengan kerugian

minimum dari realisasi aktiva.

Untuk menyelesaikan kewajiban yang sah dari persekutuan. Untuk membagikan uang tunai dan aktiva lain yang tidak dapat

dicairkan kepada masing-masing sekutu dengan cara yang adil.Dalam hal terjadinya pembubaran Perseroan sesuai yang tercantum dalam pasal 142 ayat (1) Undang-Undang No 40 Tahun 2007 tentang Perseroan Terbatas (“UUPT”), maka Pasal 142 ayat (2) huruf a UUPT menentukan bahwa setelah pembubaran perseroan karena alasan-alasan yang dimaksud dalam pasal 142 ayat (1) UUPT wajib diikuti dengan likuidasi yang dilakukan oleh likuidator atau kurator. Contoh dari likuidasi adalah pada saat krisis ekonomi 1998, Bank Artha Graha di likuidasi oleh pemerintah.