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LogoutA grey knight is a secondary, independent party to the original bidder and target business in a public corporate takeover or purchase. In a takeover attempt, a grey knight is a party that offers a greater offer than a white knight.
After a white knight makes a takeover proposal, grey knights usually make unwanted bids. When a firm is about to be taken over by an unfriendly bidder or acquirer, a white knight is a hostile takeover defense in which a friendly individual or company buys it at a reasonable price. The black knight is the name given to the hostile bidder.
Despite the fact that a grey knight may make an offer only for financial gain, hostile takeover efforts supported by black knights tend to be considerably nicer.