Pac-Man strategy


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Pac-Man strategy

Takeover defense strategy in which the prospective acquiree retaliates against the acquirer's tender offer by launching its own tender offer for the other firm.

Pac Man Defense

An antitakeover measure in which a target company attempts a hostile takeover of the acquiring company. That is, an acquiring company attempts a hostile takeover, and, rather than submitting to the takeover, the target company attempts the same thing on the acquiring company.