A slang term where a target company decides to take over the bidder.
The 'Pac-Man' defense is generally a target company countering an unwanted tender offer by making its own tender offer for stock of the would-be acquirer. Block & Miller, The Responsibilities and Obligations of Corporate Directors in Takeover Contests, 11 Sec. Reg. L.J. 44, 64 (1983).
A good number of the case briefs include excerpts from Dean’s Law Dictionary in the Legal Analysis
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