By analyzing the case of Sinosteel’s hostile takeover of Midwest，this study proposes a theoretical framework on how emerging MNCs conduct crossborder hostile takeovers through the integration of two perspectives: real options reasoning and dynamic capabilities. First，emerging MNCSs need to choose their partners without concentrated ownership structure as their target. Second，emerging MNCs should take into consideration the uncertainty of target evaluation and the competitive actions of potential rivals when they design the timing issue. Finally, a dynamic capability of transforming hostile takeover to friendly takeover is crucial for a successful acquisition.