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greenmail |
Also found in: Dictionary/thesaurus, Legal, Financial, Encyclopedia, Wikipedia | 0.06 sec. |
greenmailPayment made by a target company to avoid a takeover; for example, buying back a portion of its own shares from a potential predator (either a person or a company) at an inflated price. |
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Despite opposition from Disney's board, shareholders voted in favor of a proposal to stop greenmail - the payment of money to appease a proxy contest or takeover threat. During the takeover battles of the 1980's, abuses like greenmail and poison pills even led Congress to consider legislation to enfranchise shareholders. The company sued for injunctive relief, arguing that the shareholder had a fiduciary responsibility not to end the S status nor greenmail the company. |
greenmail
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