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Periodic or continual measures a firm's management takes to discourage unwanted or hostile takeovers. One example of an antitakeover measure 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. See also: Shark Watcher.
A strategy used by corporations to ward off unwanted takeovers. Examples of this antitakeover measure include making a major acquisition, issuing new shares of stock or securities convertible into stock, and staggering the election of directors. Shark repellents often benefit corporate officers more than the stockholders. Also called takeover defense. Compare show stopper. See also poison pill.