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overtake
vs
takeover (take over)

Overtake is a verb.

It can mean to go beyond something by being better, or if you're driving to come from behind another vehicle or a person and move in front of it.

For example: You should always check your rear view mirror before you overtake another car.

Takeover as a noun is used when one organisation gains control of a company by buying most of its shares.

For example: In September 2006 Merck announced their takeover of Serono SA.

Take over as a phrasal verb means to get control of a company by buying most of its shares.

For example: Merck finally took Serono over in 2007.