• While not particularly welcome, the black knight is considered more favourably than the hostile bidder.
— compare white knight* * *
In the case of a hostile takeover, the firm making the bid can be referred to as a 'black knight'.
Black knights attempt hostile takeovers of target firms. A white knight can help the target firm by offering terms for a friendly takeover. A gray knight is a company that offers an unsolicited bid, while another company is negotiating a takeover with the target firm. A yellow knight is a company that initiated a hostile takeover, but changes tactics during the process to negotiate on more agreeable terms.