red face clause
n.— «The terms of the irrevocable undertakings indicate they are not set in concrete. One of them could be broken by a competing bid just 5% higher than Implats’ 55p offer through the provisions of what is known as a “red face clause.” The agreement said the undertakings will cease to be binding in the event of a general offer for Afplats by a third party which is 5% higher in the case of the undertaking from shareholder CGT Management and 10% higher in the case of the undertakings from US hedge fund North Sound.» —“Impala may get Afplats rival” by Brendan Ryan Miningmx.com Mar. 14, 2007. (source: Double-Tongued Dictionary)
Further reading
In 1971, when a new public library opened in Troy, Michigan, famous authors and artists were invited to write letters to the city’s youngest readers, extolling the many benefits of libraries. One of the loveliest was from E.B. White, author of...
There was a time when William Shakespeare was just another little seven-year-old in school. Classes in his day were demanding — and all in Latin. A new book argues that this rigorous curriculum actually nurtured the creativity that later flourished...