gray knight

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Gray knight

In a merger or acquisition, a gray knight is an acquiring company that outbids a white knight in pursuit of its own best interests, although it is friendlier than a hostile bidder.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Gray Knight

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

gray knight

A company, neither friendly nor hostile, that outbids another firm in an acquisition attempt.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
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In the following years, the Grey Knights continued to provide ISR capabilities and expertise during Operations Enduring Freedom, Restoring Hope and Inherent Resolve.
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