Definition:

In business, a corporate raid is the process of buying a large stake in a corporation and then using shareholder voting rights to require the company to undertake novel measures designed to increase the share value, generally in opposition to the desires and practices of the corporation's current management.

Assume that a company has very high quality assets selling at a discount.
It's business is profitable but you feel you can profit more by asset stripping.
No single shareholder controls 51% of the company.
If you have the money to acquire 15% of the company, will you do it?

Potential risk:
1) Assets may not 'exist' on the balance sheet.
2) Directors may have defensive tactics in place to prevent a hostile takeover (e.g. warrant dividend plan).