gray knight(redirected from Grey Knights)
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A company that outbids a white knight in a friendly acquisition. A gray knight is not after a hostile takeover, but does serve its own interests, as opposed to those of the target company. Often, a gray knight makes an unsolicited bid for the target company after the initial, friendly bid. The management of the target company prefers a gray knight to a black knight, but, of course, would most prefer to be acquired by a white knight.
A company, neither friendly nor hostile, that outbids another firm in an acquisition attempt.