Company A makes an offer to purchase all of the shares of Company B from Company B's shareholders. The board of directors of Company B does not feel that the offer is adequate and seeks out another purchaser who might offer more for the shares. This defence to the takeover is referred as:

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Seeking out another purchaser who might offer more for the shares is known as the "white knight" defence strategy. The poison pill involves the target company making its shares less attractive to the acquiring company, the pac-man defence involves the target company attempting to acquire the acquiring company, and selling the crown jewels involves the target company selling off its most valuable assets to make itself less attractive to the acquiring company.

Company a Makes an Offer to Purchase All of the Shares