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The scorched-earth defense is a form of risk arbitrage and anti-takeover strategy.
When a target firm implements this provision, it will make an effort to make itself unattractive to the hostile bidder. For example, a company may agree to liquidate or destroy all valuable assets, also called crown jewels , or schedule debt repayment to be due immediately following a hostile takeover. In some cases, a scorched-earth defense may develop into an extreme anti-takeover defense called a poison pill .
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A shareholder rights plan, colloquially known as a "poison pill", is a type of defensive tactic used by a corporation's board of directors against a takeover.
In business, a takeover is the purchase of one company by another. In the UK, the term refers to the acquisition of a public company whose shares are listed on a stock exchange, in contrast to the acquisition of a private company.
A scorched-earth policy is a military strategy of destroying everything that allows an enemy military force to be able to fight a war, including the deprivation and destruction of water, food, humans, animals, plants and any kind of tools and infrastructure. Its use is possible by a retreating army to leave nothing of value worth taking to weaken the attacking force or by an advancing army to fight against unconventional warfare.
In business, a white knight is a friendly investor that acquires a corporation at a fair consideration with support from the corporation's board of directors and management. This may be during a period while it is facing a hostile acquisition from another potential acquirer or it is facing bankruptcy. White knights are preferred by the board of directors and/or management as in most cases as they do not replace the current board or management with a new board, whereas, in most cases, a black knight will seek to replace the current board of directors and/or management with its new board reflective of its net interest in the corporation's equity.
The Pac-Man defense is a defensive business strategy used 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. The name refers to Pac-Man, a video game in which the protagonist 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 was coined by buyout guru Bruce Wasserstein.
Hostile Ambient Takeover is the fourteenth studio album by the Melvins, released in 2002 through Ipecac Recordings.
Space weapons are weapons used in space warfare. They include weapons that can attack space systems in orbit, attack targets on the earth from space or disable missiles travelling through space. In the course of the militarisation of space, such weapons were developed mainly by the contesting superpowers during the Cold War, and some remain under development today. Space weapons are also a central theme in military science fiction and sci-fi video games.
A suicide pill is a pill, capsule, ampoule, or tablet containing a fatally poisonous substance that a person ingests deliberately in order to achieve death quickly through suicide. Military and espionage organizations have provided their agents in danger of being captured by the enemy with suicide pills and devices which can be used in order to avoid an imminent and far more unpleasant death, or to ensure that they cannot be interrogated and forced to disclose secret information. As a result, lethal pills have important psychological value to persons carrying out missions with a high risk of capture and interrogation.
The Nancy Reagan defense is a tactic in corporate finance used to counter a takeover or merger bidder who has made a formal bid to shareholders to buy their shares. When the board of directors of the target company meets to consider the bid, they "just say no."
Scorched 3D is a free and open source artillery game modeled after the MS-DOS game Scorched Earth. Scorched 3D is licensed under the GNU GPL-2.0-or-later, and supports numerous platforms: Windows, Unix-like systems. It makes use of both the Simple DirectMedia Library and wxWidgets.
Agroterrorism, also known as agriterrorism and agricultural terrorism, is a malicious attempt to disrupt or destroy the agricultural industry and/or food supply system of a population through "the malicious use of plant or animal pathogens to cause devastating disease in the agricultural sectors". It is closely related to the concepts of biological warfare, chemical warfare and entomological warfare, except carried out by non-state parties.
Management is a type of labor with a special role of coordinating the activities of inputs and carrying out the contracts agreed among inputs, all of which can be characterized as "decision making". Managers usually face disciplinary forces by making themselves irreplaceable in a way that the company would lose without them. A manager has an incentive to invest the firm's resources in assets whose value is higher under him than under the best alternative manager, even when such investments are not value-maximizing.
The Chitauri are a fictional race of extraterrestrial shapeshifters appearing in American comic books published by Marvel Comics, specifically in Ultimate Marvel. They were created by Mark Millar and Bryan Hitch for the Ultimate universe franchise in place of the existing Marvel Comics alien species, the Skrulls, which play a similar role in the franchise's mainstream continuity. Marvel later chose to distinguish between the Skrulls and Chitauri of the Ultimate universe. The race first appeared in Ultimates #8, and later had counterparts on Earth-616.
Scorched rice, also known as crunchy rice, is a thin crust of slightly browned rice at the bottom of the cooking pot. It is produced during the cooking of rice over direct heat from a flame.
The Bull-dog Sauce Case is a Supreme Court of Japan case that resulted in a landmark decision regarding hostile takeover defense plans. The Court held that such plans do not necessarily violate the principle of shareholder equality under Japanese statutes, even if they result in discriminatory treatment some shareholders; however, such decisions must be made by shareholders themselves, acting in the company's best interest; they cannot be made by management to protect itself. The Bull-dog Sauce case arose from the first use of a poison pill by a Japanese company, and resulted in the Supreme Court's first ruling on the subject of takeover defenses.
Scorched earth is the military strategy or operational policy of destroying everything useful to the enemy.
The following is a glossary which defines terms used in mergers, acquisitions, and takeovers of companies, whether private or public.
The Jade Helm 15 conspiracy theories were based on the Jade Helm 15 United States military training exercise which took place in multiple U.S. states between July 15 and September 15, 2015. The exercise, which involved 1,200 personnel from four of the five branches of the U.S. military, was designed to train soldiers in skills needed to operate in overseas combat environments, including maneuvering through civilian populations. The announcements of these training exercises raised concerns and generated conspiracy theories, mostly from Alex Jones, that the exercise was a hostile military takeover.
The ITT Wars: An Insider's View of Hostile Takeovers is a non-fiction book about ITT Corporation written by its CEO Rand Araskog. The book was published by Henry Holt & Co. in 1989.
Scorched Earth is a 2018 Canadian-American post-apocalyptic science fiction/action film directed by Peter Howitt starring Gina Carano.