Pac Man defense

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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.
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Pac Man defense

A defensive antitakeover tactic in which the target firm attempts to take over the acquiring firm. The target hopes that the acquiring firm will call off the takeover attempt and look for easier pickings.
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.