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Noun
1. the target company defends itself by threatening to take over its acquirer
(hypernym) shark repellent, porcupine provision

The following video provides you with the correct English pronunciation of the word "pac-man strategy", to help you become a better English speaker.

Takeover defense strategy in which the prospective acquiree retaliates against the acquirer's tender offer by launching its own tender offer for the other firm.