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 Mar. 14, 2007. (source: Double-Tongued Dictionary)

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