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
Enthusiastic book recommendations! Martha’s savoring the biography of Alexander von Humboldt, the 19th-century explorer, polymath, and naturalist who revolutionized our understanding of nature and predicted the effects of human activity on...
The words tough, through, and dough all end in O-U-G-H. So why don’t they rhyme? A lively new book addresses the many quirks of English by explaining the history of words and phrases. And: have you ever been in a situation where a group makes...