IN THE HEADY days of the 1980s that ushered in the age of titanic takeovers, Wall Street’s finest devised a defence strategy to ward off unwanted advances from voracious bidders. The Pac Man Defence took its name from the video arcade game that featured an insatiable pizza-shaped blob that roamed the screen devouring all in its path. Often used as a last-ditch effort to save a company from a raider, the Pac Man Defence entailed the victim turning on the assailant to acquire it instead.
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