the action or an act of taking over: assumption of management, control, ownership, or possession, the act or process of gaining control of a company by making its shareholders a general offer, called a 'takeover bid' usu. with a time-limit for acceptance, to buy, at a stated price that is higher than the market price, all the shares, or at least enough of them to give a controlling interest in the company. If the holders of 90% of the shares accept, the bidding company has the legal right to buy the remaining 10% at the same price. In most countries the authorities keep strict control of takeovers to protect the interests of shareholders.