▁und es irable ▁entity ▁by ▁offering ▁a ▁higher ▁and ▁more ▁ent icing ▁bid , ▁or ▁strike ▁a ▁favor able ▁deal ▁with ▁the ▁management ▁of ▁the ▁object ▁of ▁ac quisition . ▁ ▁The ▁second ▁type ▁refers ▁to ▁the ▁acqu ir er ▁of ▁a ▁struggling ▁firm ▁that ▁may ▁not ▁necessarily ▁be ▁under ▁threat ▁by ▁a ▁host ile ▁firm . ▁The ▁financial ▁standing ▁of ▁the ▁struggling ▁firm ▁could ▁prevent ▁any ▁other ▁entity ▁being ▁interested ▁in ▁an ▁ac quisition . ▁The ▁firm ▁may ▁already ▁have ▁huge ▁deb ts ▁to ▁pay ▁to ▁its ▁credit ors , ▁or ▁worse , ▁may ▁already ▁be ▁bank rupt . ▁In ▁such ▁a ▁case , ▁the ▁kn ight , ▁under ▁huge ▁risk , ▁acqu ires ▁the ▁firm ▁in ▁crisis . ▁After ▁ac quisition , ▁the ▁kn ight ▁then ▁re build s , ▁or ▁integr ates ▁the ▁firm . ▁ ▁A ▁number ▁of ▁variations ▁of ▁the ▁term ▁have ▁been ▁used ▁and ▁these ▁include : ▁a ▁gray ▁kn ight ▁which ▁is ▁an ▁acqu iring ▁corpor ation ▁or ▁individual ▁that ▁enters ▁a ▁bid ▁for ▁a ▁host ile ▁take over ▁in ▁addition ▁to ▁the ▁target ▁firm ▁and ▁first ▁bid der , ▁perce ived ▁as ▁more ▁favor able ▁than ▁the ▁black ▁kn ight ▁( un friend ly ▁bid der ), ▁but ▁less ▁favor able ▁than ▁the ▁white ▁kn ight ▁( friend ly ▁bid der ). ▁ ▁Also , ▁a ▁white ▁s quire , ▁which ▁is ▁similar ▁to ▁a ▁white ▁kn ight ▁except ▁it ▁only ▁exer cis es ▁a ▁significant ▁minor ity ▁st ake , ▁as ▁opposed ▁to ▁a