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What is Pac Man Strategy?

Definition of Pac Man Strategy

The Pac Man Strategy (Named after the popular 1980's video game) is a defensive strategy in the mergers and acquisitions field implemented by a firm targeted for hostile takeover, in the context of a hostile takeover. A targeted firm utilising the Pac Man Strategy would attempt to resist the hostile takeover bytrying to turn the tables on the aggressor firm (in the sameway as happens in the Pac Man game when the player can start to pursue the pursuers after eating a power pellet) attempting to take it over instead. This is first done through aggressive buying by the takeover target of the pursuer's own shares, in tandem with the target talking to other companies that might be interested in coming to its assistance (as a 'white knight').
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