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greenmail |
Also found in: Dictionary/thesaurus, Legal, Financial, Wikipedia, Hutchinson | 0.18 sec. |
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greenmail, payment, by a corporation that is a takeover target, of a premium price for the shares of its stock that have been accumulated by the potential buyer. In exchange, the potential buyer stops the takeover bid. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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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. |
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