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black knight

Overview page. Subjects: Financial Institutions and Services — Accounting.

A person or firm that makes an unwelcome takeover bid for a company. Compare grey knight; white knight.

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grey knight

Overview page. Subjects: Financial Institutions and Services.

In a takeover battle, a counterbidder whose ultimate intentions are undeclared. The original unwelcome bidder is the black knight, the welcome counterbidder for the target company is the...

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Lady Macbeth strategy

Overview page. Subjects: Financial Institutions and Services.

A strategy used in takeover battles in which a third party makes a bid that the target company would favour, i.e. it appears to act as a white knight, but subsequently changes allegiance...

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lock-up option

Overview page. Subjects: Economics.

(Mergers and acquisitions).

A contingent sale contract put in place between a company subject to a hostile takeover attempt which is arranged with a friendly company or white...

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poison pill

Overview page. Subjects: Financial Institutions and Services.

A tactic used by a company that fears an unwanted takeover by ensuring that a successful takeover bid will trigger some event that substantially reduces the value of the company. Examples...

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sandbag

Overview page. Subjects: Financial Institutions and Services.

(Mergers and acquisitions).

Tactic used by the target aimed at prolonging negotiations with the predator company in the hope that a white knight will appear.

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takeover bid

Overview page. Subjects: Financial Institutions and Services.

Market colloquialism for a tender offer for another company's common stock. Also known as an offer to purchase or a tender to purchase.

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white squire

Overview page. Subjects: Economics.

Either one or more companies acting together, or in support of a white knight, in order to prevent a bidder for a target company in a contested takeover or shareholders ...

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