The Nancy Reagan defense is a tactic in corporate finance used to counter a takeover or merger bidder who has made a formal bid to shareholders to buy their shares. When the board of directors of the target company meets to consider the bid, they "just say no."
For example, in a discussion of a takeover of the Walt Disney Company by Comcast, analyst Andy Kessler on Wall Street Week stated "there are two great Wall Street defenses. One is the Nancy Reagan defense and the other is the Pac-Man defense, right? And the Nancy Reagan defense is, just say no." The term refers to a catch-phrase coined by former United States First Lady Nancy Reagan advocating abstinence from recreational drug use.
Famous quotes containing the words nancy reagan, reagan and/or defense:
“I see the first lady as another means to keep a president from becoming isolated.”
—Nancy Reagan (b. 1923)
“But there are advantages to being elected President. The day after I was elected, I had my high school grades classified Top Secret.”
—Ronald Reagan (b. 1911)
“If violence is wrong in America, violence is wrong abroad. If it is wrong to be violent defending black women and black children and black babies and black men, then it is wrong for America to draft us, and make us violent abroad in defense of her. And if it is right for America to draft us, and teach us how to be violent in defense of her, then it is right for you and me to do whatever is necessary to defend our own people right here in this country.”
—Malcolm X (1925–1965)