A person or firm that makes an unwelcome takeover bid for a company, often hostile and unsolicited.
In a corporate takeover battle, a Grey Knight is a counterbidder whose intentions are not clearly defined, creating uncertainty for the target company.
In corporate finance, a white knight refers to a person or firm that makes a welcomed takeover bid for a company on improved terms, aiming to replace an unacceptable and unwelcome bid from another party, known as a black knight. This tactic helps the target company to find a more suitable and favorable owner.
