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:
“The Sixties, of course, was the worst time in the world to try and bring up a child. They were exposed to all these crazy things going on.”
—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)
“I will stand on, and continue to use, the figures I have used, because I believe they are correct. Now, I’m not going to deny that you don’t now and then slip up on something; no one bats a thousand.”
—Ronald Reagan (b. 1911)
“For there is no defense for a man who, in the excess of his wealth, has kicked the great altar of Justice out of sight.”
—Aeschylus (525–456 B.C.)