white knight

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A person or firm that makes a welcome takeover bid for a company on improved terms to replace an unacceptable and unwelcome bid from a black knight. If a company is the target for a takeover bid from a source of which it does not approve or on terms that it does not find attractive, it will often seek a white knight as a more suitable owner for the company, in the hope that a more attractive bid will be made. Compare grey knight.

Subjects: Financial Institutions and Services.

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