If P&G's bid for Gillette was invited by Gillette's management, this would be an example of a

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A friendly acquisition is when the management of the target company invites the acquiring company to make a bid. This is in contrast to a hostile acquisition, where the acquiring company makes an unsolicited bid that is not welcomed by the target company's management. A joint venture involves two companies working together on a specific project, while a merger is a combination of two companies into one entity.

If P&G's Bid for Gillette Was Invited by Gillette's Management