side deal

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A private deal between two people, usually for the personal benefit of one of them, as a subsidiary to a transaction between the officials of a company, government, etc. For example, the chairman of a public company may agree to encourage the board to welcome a takeover bid, because of a personal profit agreed in some side deal with the bidder. Side deals are rigorously investigated by the Panel on Takeovers and Mergers (see City Code on Takeovers and Mergers).

Subjects: Financial Institutions and Services.

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