Takeover A change in the control of a company, accompanies usually by a change in the board of directors and senior management if the takeover is hostile. In a friendly takeover, the management doesn’t usually change, and the takeover works to the benefit of the TARGET COMPANY. In a hostile takeover there may be an attractive public offer for the shares, or unsolicited merger proposals to the management, accumulation of controlling shares through buying in the open market, or PROXY FIGHTS. There are various methods of fighting off hostile takeover bids, with colourful names. These include: GOLDEN PARACHUTE, KILLER BEES, PACMAN DEFENCE STRATEGY, POISION PILL, SCORCHED EARTH POLICY, SHARK WATCHER, SHARK REPELLENT, SUPERMAJORITY AMAENDMENT, WHITE KNIGHT, WHITE SQUIRE.

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