Friendly takeover occurs when managements of both the acquiring firm and target firm approves the terms of merger or acquisition, and state it to stockholders.
Hostile takeover occurs when the management of the target firm resists the merger or acquisition. The acquiring firm then needs to make a direct appeal on
stockholders of the target firm.
Tender offer is the direct offer of the acquiring firm to stockholders of the target firm, to buy their stocks.

Negotiation in M&A activity is the process of bargaining between the acquiring firm and the target firm aimed at coming to an agreement over the terms, needs and aims of
both parties.