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, nancy, reagan and/or defense:
“A woman is like a teabag—only in hot water do you realize how strong she is.”
—Nancy Reagan (b. 1923)
“...I believed passionately that Communists were a race of horned men who divided their time equally between the burning of Nancy Drew books and the devising of a plan of nuclear attack that would land the largest and most lethal bomb squarely upon the third-grade class of Thomas Jefferson School in Morristown, New Jersey.”
—Fran Lebowitz (b. 1950)
“So in your discussions of the nuclear freeze proposals, I urge you to beware the temptation of pride—the temptation blithely to declare yourselves above it all and label both sides equally at fault, to ignore the facts of history and the aggressive impulses of an evil empire, to simply call the arms race a giant misunderstanding and thereby remove yourself from the struggle between right and wrong, good and evil.”
—Ronald Reagan (b. 1911)
“Unlike Boswell, whose Journals record a long and unrewarded search for a self, Johnson possessed a formidable one. His life in London—he arrived twenty-five years earlier than Boswell—turned out to be a long defense of the values of Augustan humanism against the pressures of other possibilities. In contrast to Boswell, Johnson possesses an identity not because he has gone in search of one, but because of his allegiance to a set of assumptions that he regards as objectively true.”
—Jeffrey Hart (b. 1930)