Gray Knight
A second, unsolicited bidder in a corporate takeover. A gray knight enters the scene in order to take advantage of any problems between the first bidder and the target company.
Investopedia Commentary
Think of a gray knight as a circling vulture waiting to pick clean the leftovers.
In some parts of the world gray is spelled "grey."
Related Links
Bloodletting And Knights: A Medieval Guide To Investing
The Wacky World of M&As
See also: Black Knight, Lady Macbeth Strategy, Takeover, White Knight, Yellow Knight
gray knight