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- Pac-Man_defense abstract "The Pac-Man defense is a defensive option to stave off a hostile takeover in which a company that is threatened with a hostile takeover "turns the tables" by attempting to acquire its would-be buyer.A major example in U.S. corporate history is the attempted hostile takeover of Martin Marietta by Bendix Corporation in 1982. In response, Martin Marietta started buying Bendix stock with the aim of assuming control over the company. Bendix persuaded Allied Corporation to act as a "white knight," and the company was sold to Allied the same year. The incident was labeled a "Pac-Man defense" in retrospect.In 1984, Securities Exchange Commission commissioners said that the Pac-Man defense was cause for “serious concern,” but balked at endorsing any federal prohibition against the tactic. The commissioners acknowledged a Pac-Man defense can benefit shareholders under certain circumstances, but emphasized that management, in resorting to this tactic, must bear the burden of proving it isn’t acting solely out of its desire to stay in office. One concern is that the money spent to gain control of the intruding company, which includes payment for the services of lawyers and other professionals needed to mount that defense, represents substantial funds that could have otherwise been used to improve the company’s business or increase its profits.The next Pac-Man defense occurred in 1988, when American Brands Inc., fighting a hostile takeover attempt by E-II Holdings Inc., announced a cash tender offer for E-II. In 2007, British mining giant Rio Tinto PLC, fighting off an unsolicited $131.57 billion takeover bid from Australian rival BHP Billiton Limited, considered turning the tables on its rival and launching a counterbid for BHP. In 2009, Cadbury plc considered trying a Pac-Man defense if no bid emerged to challenge Kraft Foods' hostile offer.The name refers to the star of a video game Pac-Man, in which the hero is at first chased around a maze of dots by 4 ghosts. However, after eating a "Power Pellet" dot, he is able to chase and devour the ghosts. The term (though not the technique) was coined by buyout guru Bruce Wasserstein.[citation needed]Internationally, perhaps the best-known case was that of Porsche and the Volkswagen Group, in which Porsche slowly acquired stake in the much larger Volkswagen Group, eventually to the point of owning over 50% of the company in 2009.[citation needed] However, later that year when the two companies announced an official merger, it was announced that Volkswagen would be the surviving partner.[citation needed]".
- Pac-Man_defense wikiPageExternalLink 881619_full.pdf.
- Pac-Man_defense wikiPageExternalLink pac-man-defense.asp.
- Pac-Man_defense wikiPageID "1388052".
- Pac-Man_defense wikiPageRevisionID "585806262".
- Pac-Man_defense hasPhotoCollection Pac-Man_defense.
- Pac-Man_defense subject Category:Business_terms.
- Pac-Man_defense subject Category:Mergers_and_acquisitions.
- Pac-Man_defense type Abstraction100002137.
- Pac-Man_defense type Act100030358.
- Pac-Man_defense type Action100037396.
- Pac-Man_defense type Amalgamation101238424.
- Pac-Man_defense type Change100191142.
- Pac-Man_defense type ChangeOfIntegrity100376063.
- Pac-Man_defense type Combination100378985.
- Pac-Man_defense type Consolidation101237415.
- Pac-Man_defense type Event100029378.
- Pac-Man_defense type MergersAndAcquisitions.
- Pac-Man_defense type PsychologicalFeature100023100.
- Pac-Man_defense type YagoPermanentlyLocatedEntity.
- Pac-Man_defense comment "The Pac-Man defense is a defensive option to stave off a hostile takeover in which a company that is threatened with a hostile takeover "turns the tables" by attempting to acquire its would-be buyer.A major example in U.S. corporate history is the attempted hostile takeover of Martin Marietta by Bendix Corporation in 1982. In response, Martin Marietta started buying Bendix stock with the aim of assuming control over the company.".
- Pac-Man_defense label "Pac-Man defense".
- Pac-Man_defense label "パックマン・ディフェンス".
- Pac-Man_defense sameAs パックマン・ディフェンス.
- Pac-Man_defense sameAs m.04yk_s.
- Pac-Man_defense sameAs Q626771.
- Pac-Man_defense sameAs Q626771.
- Pac-Man_defense sameAs Pac-Man_defense.
- Pac-Man_defense wasDerivedFrom Pac-Man_defense?oldid=585806262.
- Pac-Man_defense isPrimaryTopicOf Pac-Man_defense.