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:
“I see the first lady as another means to keep a president from becoming isolated.”
—Nancy Reagan (b. 1923)
“Miss Nancy Ellicott smoked
And danced all the modern dances;
And her aunts were not quite sure how they felt about it,
But they knew that it was modern.”
—T.S. (Thomas Stearns)
“Surround yourself with the best people you can find, delegate authority, and don’t interfere.”
—Ronald Reagan (b. 1911)
“For he is the cleanest in the use of his forepaws of any quadruped.
For the dexterity of his defense is an instance of the love of God
to him exceedingly.”
—Christopher Smart (1722–1771)