White Knight (business) - Examples of White Knights

Examples of White Knights

  • 1953 - United Paramount Theaters buys nearly bankrupt ABC
  • 1982 - Allied Corporation buys Bendix Corporation in a situation involving the "Pac-Man defense". Allied is drafted in when the company that Bendix tries a hostile takeover on fights back by buying up Bendix stock in attempt to create a reverse hostile takeover.
  • 1984 - Chevron Corporation acquired Gulf Oil after Gulf tried being a white knight to Citgo in 1982 in order for Citgo to avoid a hostile takeover by T. Boone Pickens. Pickens then turned his attention to Gulf, leading to the Chevron-Gulf deal.
  • 1984 - Sid Bass and his sons buying significant interest in Walt Disney Productions as a defense against Saul Steinberg's hostile bid for the company.
  • 1986 - George Soros's Harken Energy buying George W. Bush's Spectrum 7
  • 1998 - Compaq merging with financially weak DEC
  • 2001 - Dynegy attempts to merge with Enron to cover Enron's massive debts (the merger failed as it became obvious that Enron had been committing fraud, resulting in the Enron scandal).
  • 2003 - SAP was seen by analysts as the most likely to help defeat Oracle's hostile bid for PeopleSoft, but it came to nothing.
  • 2006 - Severstal almost acted as a white knight to Arcelor as the merger negotiations were in place between Arcelor and Mittal Steel
  • 2006 - Bayer acted as a white knight to Schering as the merger negotiations were in place between Schering and Merck KGaA
  • 2007 - Nissin Foods launching a friendly 37bn yen ($314m; £166m) bid for Myojo Foods after US hedge fund Steel Partners offered 29bn yen to buy the firm.
  • 2008 - JPMorgan Chase acquired Bear Stearns allowing Bear Stearns to avoid insolvency after Bear Stearns stock price suffered a precipitous decline, with its market capitalization dropping by 92%.
  • 2008 - PNC Financial Services bought National City Corp. after National City was denied TARP funds in order to stay afloat due to increasing concerns that National City would fail due to the subprime mortgage crisis.
  • 2009 - Fiat takes over Chrysler, saving the struggling automaker from liquidation.

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