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Porcupine Provision

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Porcupine provision
Often used in risk arbitrage. See: Shark repellent.
Porcupine Provision
A provision or amendment in a corporation's charter stating certain measures that the corporation's management may take to discourage unwanted or hostile takeovers. One example of a porcupine provision is the macaroni defense, in which the company issues a large number of bonds with the proviso that they must be redeemed at a high price if the company is taken over. It is also called shark repellent or, more formally, an antitakeover measure. See also: Shark watcher.


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