Welcome to the Financial Times Lexicon

Browse thousands of words and phrases selected by Financial Times editors and suggest new terms for the glossary.


Term of the day

white squire

A white squire defence is where a friendly company or investor purchases a large enough share of the target company to stop an unwelcome bidder from achieving its aim of taking over the target company. Once that unwelcome bidder has withdrawn its bid, the white squire will then typically sell its shares. A white squire defence helps a company fend off a hostile takeover, but has no intention of taking over the company itself.

The term white squire arose in the 1980s as an alternative to white...