White Knight & White Squire Defense

When a company is the target of a hostile takeover attempt, one way to prevent the hostile takeover is to find a different firm to make a better offer. If the target finds such a "friendly" firm to take it over, the friendly firm is known as a white knight.
The phrase "white knight" is also used to describe a firm that saves a firm on the verge of bankruptcy by acquiring it. For example, J.P. Morgan was referred to as a white knight when it acquired Bear Stearns during the 2008 financial crisis. You can read more about the acquisition of Bear Stearns here: www.cnbc.com/2...
The White Squire Defense is a variation of the White Knight; with the White Squire, an investor prevents a hostile takeover by purchasing a significant stake (but not a controlling stake) in the takeover target. Because the investor (the white squire) does not obtain a controlling stake in the target, the target maintains its independence.
When Gannett attempted a hostile takeover of Tribune Publishing, billionaire Patrick Soon-Shiong came to the rescue by purchasing a significant stake (but not a controlling stake) in Tribune Publishing. You can read more about this here: www.wsj.com/ar...
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