It's a scenario that may play out more often in 2009. Most lawyers, consultants and analysts we've interviewed recently expect hostile activity to increase this year. But Jim Woolery (pictured), a partner with Cravath, Swaine & Moore LLP, says we may not see many of the battles play out in public. He predicts more hostile deals will be settled behind closed doors, in large part, because depressed stock prices have created an environment in which many boards are under intense pressure to accept offers. 

If a target's board eventually accepts an offer, no matter how brutal the negotiations, is that still hostile? Absolutely, says Woolery, who adds that any offer that's unsolicited is hostile. "It's like a grenade being rolled into a boardroom." Woolery predicts we will see more hostile deals go public when credit markets loosen, probably in the second half of 2009.  - Suzanne Stevens