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:

A) White knight.
B) Pac-man defence.
C) Poison pill.
D) Selling the crown jewels.

White Knight

A friendly investor or company that acquires a corporation at fair consideration, often to rescue it from a hostile takeover.

Takeover

A corporate action where one company acquires control over another company, either through a direct purchase of its shares or by agreement.

Board of Directors

A group of individuals elected by shareholders to oversee the management and direct the affairs of a corporation.