Question：A defensive tactic in a hostile takeover bid has been described as follows:“A firm that launches a friendly counter-bid and takes control of the target firm.”This description best fits which defensive tactic?

A. Golden parachute

B. White squire

C. Pacman defense

D. White knight

The correct answer is: White knight.

解析：A White Squire is also a firm that makes a friendly counter-bid but does not take control of the target firm.

A PacmanDefence is an aggressive tactic that involves mounting a counter-bid for the attacker.

A Golden Parachute is a large compensation payment made to the top management of the target company if their positions are eliminated due to the hostile takeover.

Question：The directors of Little Panda Inc are concerned that the potential of its managers is being under-utilised on the company's existing activities.

In order to make the most use of its resources, which of the following companies is Little Panda most likely to wish to acquire?

A. A company with the right customer profile.

B. A company making similar products operating substantially below capacity.

C. A company identified by stock market analysts as having significant growth potential, but currently lacking strategic and operational focus.

D. A company with a complementary product range.

The correct answer is: A company identified by stock market analysts as having significant growth potential, but currently lacking strategic and operational focus.

Hopefully this company should offer Little Panda's underemployed managers the chance to exercise their talents.