One of the mysteries of the English language finally explained.
A person or company making a possibly hostile counter offer for a company already facing a hostile takeover bid.
- ‘The new bidder, the gray knight, is not as preferable as the white knight, however, the gray knight is still a better option than the black knight.’
- ‘The gray knights are essentially the scavengers of takeover attempts.’
By association with black knight and white knight.
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