As a pre-offer defensive maneuver, existing bondholders can demand repayment if there is a change of control as a result of a hostile takeover. These bonds are an example of:

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The situation described is an example of a "poison put" bond, in which the bondholders have the option to demand repayment if there is a change of control resulting from a hostile takeover. This is a defensive maneuver to protect the bondholders' interests in the event of a potentially risky or uncertain change in the company's ownership or leadership. Greenmail refers to a type of blackmail in which an outsider buys enough stock in a company to threaten a hostile takeover, and then demands a premium price to withdraw their threat. "Scorched earth" policy and "crown jewels" are more general terms that refer to defensive business strategies that may be employed in the face of a takeover or other threats to a company's stability or profitability.

As a Pre-Offer Defensive Maneuver, Existing Bondholders Can Demand Repayment