White Knight

What's White Knight?

In business, a white knight is a friendly investor that acquires a corporation at a fair consideration with the support from the corporation's board of directors and management. This may be during a period while it is facing a hostile acquisition from another potential acquirer (black knight) or it is facing bankruptcy. White knights are preferred by the board of directors (when directors are acting in good faith with regards to the interest of the corporation and its shareholders) and/or management as in most cases as they do not replace the current board or management with a new board, whereas, in most cases, a black knight will seek to replace the current board of directors and/or management with its new board reflective of its net interest in the corporation's equity.

在商业领域，白骑士是指一种友好的投资人，他们在获得被收购公司的董事会（board of directors）/ 管理层（management）的支持的前提下以公允的方式（fair consideration）收购该公司。 这种收购可能处于这样的时期：被收购方面临着另一家潜在的收购方（黑骑士）的恶意收购（hostile acquisition）或者它正面临破产危机。白骑士是受董事会/管理层欢迎的（当董事会确实是为对公司和股东利益考虑的情况下/act in good faith with..），因为在大多数情况下他们并不会更换当前的董事会/管理层。然而，黑骑士则力求（seek to）把当前的董事会/管理层换为可以代表（reflective of）他们股权利益的班底。

The first type, the white knight, refers to the friendly acquirer of a target firm in a hostile takeover attempt by another firm. The intent of the acquisition is to circumvent the takeover of the object of interest by a third, unfriendly entity, which is perceived to be less favorable. The knight might defeat the undesirable entity by offering a higher and more enticing bid, or strike a favorable deal with the management of the object of acquisition.

第一种白骑士指的是在一个目标公司遭遇某家公司恶意并购（hostile takeover）时出现的一家友好的收购方。白骑士的收购目的是为了避免（circumvent）对象实体被第三方非友善的实体收购。而第三方非友善实体的这种收购被认为是对对象实体不利的（less favorable）。白骑士可能通过出更高更诱人（enticing）的价码（bid）来打败不良（undesirable）实体，或者与收购对象的管理层达成一个有利交易。

The second type refers to the acquirer of a struggling firm that may not necessarily be under threat by a hostile firm. The financial standing of the struggling firm could prevent any other entity being interested in an acquisition. The firm may already have huge debts to pay to its creditors, or worse, may already be bankrupt. In such a case, the knight, under huge risk, acquires the firm in crisis. After acquisition, the knight then rebuilds, or integrates the firm.

第二种白衣骑士是指一家不一定处于恶意公司的威胁下的困境中的（struggling）公司的收购方。这家困境中的公司的财务状况（financial standing）可以让任何实体无法产生收购兴趣。这家公司可能已经有巨额债务需要偿还给债权人（creditor）。也许更糟糕的是，它已经破产。在这样一种处境中，白衣骑士在巨大的风险下并购了这家处于危机中风雨飘摇的公司。在收购之后，白骑士将重组整合这家公司。

A number of variations of the term have been used and these include: a grey knight which is an acquiring corporation or individual that enters a bid for a hostile takeover in addition to the target firm and first bidder, perceived as more favorable than the black knight (unfriendly bidder), but less favorable than the white knight (friendly bidder). Also, a white squire, which is similar to a white knight except it only exercises a significant minority stake, as opposed to a majority stake. A white squire doesn't have the intention, but rather serves as a figurehead in defense of a hostile takeover. The white squire may often also get special voting rights for their equity stake.

一些白骑士的变体包括：
灰骑士是指一个收购方公司或个人涉足了一桩竞价收购，其目的不只是恶意收购目标公司，还想吞并竞价收购目标公司的投标公司。这种行为被认为比黑骑士要好，但比白骑士要坏。
白绅士类似于白骑士但是它只占有极少量股权（significant minority stake，即只是小股东）而非（as opposed to）大量股权（即非大股东）。白绅士并没有收购的实际意愿，只是作为一个有名无实的傀儡来抵御恶意并购。白绅士常常也能得到关于股权的特别投票权。

Hostile firm's strategies

The strategy that is usually employed by the Hostile Firm is making an offer more lucrative than the White Knight's, so that the shareholders consider rejecting the White Knight's bid. This, however, can lead to bidding wars and finally to overpaying, by one or the other, for the target firm.

恶意公司所用的招数常是开出一个比白骑士更加利润丰厚的（lucrative）出价（offer），这样股东们就会否决掉白骑士的竞标。这将引发竞标战（bidding war）并最终导致目标公司的过分溢价（overpay）。

Another option is known as the NL strategy. Here, the hostile firm allows the white knight to move ahead and waits for the acquisition to take place. Once things are settled between the two entities, the Hostile Firm launches a takeover offer for the White Knight. This takeover offer is generally a hostile one. The target (firm being bid on) can enter into standstill agreements with the White Knight to prevent it from turning Gray Knight.

另一种招数被称为NL策略。恶意公司会让白骑士跟进并获得并购权。一旦甲乙方谈妥，恶意公司再对白骑士发起并购。这种并购要约（takeover offer）往往是一种恶意收购。目标公司可与白骑士启动停滞协议（standstill agreement，指目标公司与潜在收购者达成协议，收购者在一段时间内不再增持目标公司的股票，如需出售这些股票目标公司有优先购买权），以避免它变成灰骑士。