In the past hostile takeovers occurred when a large investor would accumulate large blocks of stock, which is part ownership of a company. They would offer to buy stock at high prices in an effort to get a controlling vote. Once that was done management was replaced and assets were sold to pay for the stock that was purchased. Now, most companies protect themselves by getting authorization to sell a very large amount of stock. If someone tries to takeover they then have control of enough stock to retain a controling interest.
Companies prefer to trade on either NASDAQ or NYSE. The NASDAQ has many requirements like a minimum share price. I think that it is $1.00. If they fall below that they are delisted. It is more a matter of meeting requirements than share price.
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