▁majority ▁st ake . ▁ ▁A ▁white ▁s quire ▁does ▁not ▁have ▁the ▁intention , ▁but ▁rather ▁serves ▁as ▁a ▁figure head ▁in ▁defense ▁of ▁a ▁host ile ▁take over . ▁ ▁The ▁white ▁s quire ▁may ▁often ▁also ▁get ▁special ▁voting ▁rights ▁for ▁their ▁equ ity ▁st ake . ▁ ▁Host ile ▁fir ms ' ▁strateg ies ▁ ▁The ▁strategy ▁that ▁is ▁usually ▁employed ▁by ▁a ▁host ile ▁firm ▁is ▁making ▁an ▁offer ▁more ▁luc r ative ▁than ▁the ▁white ▁kn ight ' s , ▁so ▁that ▁the ▁share hold ers ▁consider ▁reject ing ▁the ▁white ▁kn ight ' s ▁bid . ▁This , ▁however , ▁can ▁lead ▁to ▁b idd ing ▁wars ▁and ▁finally ▁to ▁over pay ing , ▁by ▁one ▁or ▁the ▁other , ▁for ▁the ▁target ▁firm . ▁ ▁Another ▁option ▁is ▁known ▁as ▁the ▁" NL ▁strategy ". ▁Here , ▁the ▁host ile ▁firm ▁allows ▁the ▁white ▁kn ight ▁to ▁move ▁ahead ▁and ▁wa its ▁for ▁the ▁ac quisition ▁to ▁take ▁place . ▁Once ▁things ▁are ▁settled ▁between ▁the ▁two ▁entities , ▁the ▁host ile ▁firm ▁launch es ▁a ▁take over ▁offer ▁for ▁the ▁white ▁kn ight . ▁This ▁take over ▁offer ▁is ▁generally ▁a ▁host ile ▁one . ▁The ▁target ▁( f irm ▁being ▁bid ▁on ) ▁can ▁enter ▁into ▁ ▁with ▁the ▁white ▁kn ight ▁to ▁prevent ▁it ▁from ▁turning ▁into ▁a ▁gray ▁kn ight . ▁ ▁Ex amples ▁▁ 1 9 5 3 ▁– ▁United ▁Param ount ▁The aters ▁bu ys ▁nearly ▁bank rupt ▁ABC