unsolicited bid

A purchase offer made by a company or investor to acquire a company that has otherwise not made itself available for sale. Such bids proliferated during the 1970s and 80's when mismanaged or undervalued companies became targets of "raiders" who saw opportunities to profit from breaking the companies up and selling the parts. Similarly, "greenmailers" were known to bid up the price of a company and then accept a "payoff" to cease the bidding process.