The Savior Trap
A hostile raider is at the gates. Your only hope is a "Friendly" acquirer—a White Knight.
But remember: Knights don't work for free.
The Raider
Offers cash but fires management and breaks up the company.
The Knight
Promises to keep the team, but demands "lock-up" assets.
The Board
Must maximize price (Revlon Duty) or face lawsuits.