Five days later, ThyssenKrupp emerged as a white knight to save Dofasco from Arcelor. (In big takeover fights, ‘white knights’ merge with a target company in exchange for a large stake in a combined business, while a ‘white squire’ takes a smaller but significant position in a company to prevent its takeover by a hostile bidder, known as a ‘black knight’.) ThyssenKrupp’s friendly counter-bid was $C61.50 per share, or $C4.8 billion. Pether’s board accepted it immediately.
