In a corporate takeover battle, a Grey Knight is a counterbidder whose intentions are not clearly defined, creating uncertainty for the target company.
In corporate finance, a white knight refers to a person or firm that makes a welcomed takeover bid for a company on improved terms, aiming to replace an unacceptable and unwelcome bid from another party, known as a black knight. This tactic helps the target company to find a more suitable and favorable owner.
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