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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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved