White Squire
A significant stockholder sympathetic to management that would make the transaction more difficult for the undesired acquirer
Category: Glossary
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Weighted Average Cost of Capital
Cost of a firm’s capital weighted by utilization; includes both a debt and equity allocation.
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Tracking Stock
Transaction by which a parent company sells an interest in the cash flows from one of its subsidiaries.
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Synergy
Gain from the combination of two businesses that is greater than the sum of either of the two businesses independently.
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Supermajority Provision
Form of acquisition defense that raises the minimum number of votes required for approval of a merger (e.g., to two-thirds or three-quarters of outstanding shares), implying that a hostile acquirer needs more than 50 percent of the votes to effect a change in control.
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Standstill Agreement
Agreement by which the acquirer agrees not to purchase shares of the target for a specified period of time.
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