Saturday Night Special [Corporate Law] Law and Legal Definition
When used in the context of Corporations , ‘Saturday Night Special’ is a slang term for a takeover offer by one company of another company that puts immense pressure on the management of the takeover company to accept the offer. It refers to surprise tender offers that are held open for a very short offering period, often one week, to maximize pressure on a shareholder to accept the tender. However, these tenders are prohibited by section 14(e) of the Williams Act. [15 USCS § 78n(e)].