rely on panic setting in as the shareholders rush for the life boats to get a safe seat before the ship goes down. "Raiders" do not enter popularity contests. Indeed, the most successful are those whose company - both personal and corporate is most shunned. They rarely are required to make good on their offer but send the victim frantically off in search of a "white knight." Rebuffed, the raider subsequently sells his stock to the white knight, pockets a handsome profit, licks his chops, and plans his next assault. White knights have two features that distinguish them from raiders. First, they are willing to pay even more for the company than the raider, which suggests logically that they think even less of the entrenched management than does the raider. But the white knight is quiet about it. The second distinguishing feature of the white knight is a sense of chivalry. The victim at least feels that the white knight holds out the prospect of living out one's corporate life in dignity, free from want, and with a decent and proper funeral when the time comes. Usually, the raider will feed you to the lions. The white knight will ultimately send you off into the sunset in a fine galley with the sails set and your loyal dog at your feet. The truth is that neither raiders nor white knights are welcome visitors in the corporate halls. No management wants to be disturbed by outside interference. This desire for corporate tranquility has lead directly to plans designed to discourage outside attention through impediments put in the way of any would-be buyer - impediments designed to diminish his willingness to pay above the market.