Pac-Man defense

The Pac-Man defense is a strategy used primarily in mergers and acquisitions. In this scenario, a company that is being targeted for a takeover turns the tables by attempting to buy the company trying to acquire it, similar to how Pac-Man eats its enemies in the classic video game. This can deter the hostile takeover by presenting a counter-offer, making it difficult or costly for the aggressor to continue their pursuit. Essentially, it allows the targeted company to fight back and regain control over its situation by becoming the acquirer instead.