Shark Repellent，驱鲨剂，也称“豪猪条款”（Porcupine Provision），是指在收购要约前修改公司设立章程或做其它防御准备以使收购要约更为困难的条款。在许多情况下，公司将对其章程或章程进行特别修订，这些修订只有在宣布或向股东提交收购企图时才会生效。这些章程旨在降低收购对收购方的吸引力或利润。

英文释义：Shark repellent is a slang term for measures taken by a company to fend off an unwanted or hostile takeover attempt.

常见的Shark Repellent Tactics介绍：

1、Golden parachute（金色降落伞）

公司在高管的合同中的一笔支出，以提高收购方的收购成本。它主要用于保护高级管理人员，他们可能在收购期间被裁员。

In a golden parachute, a company includes a large payout to a senior executive’s contract to make the takeover more expensive for the acquiring company. It is mainly used to protect senior management, who may get downsized during a takeover.

2、Poison pill（毒丸）

毒丸计划，被称为股东权益计划（shareholder rights plan）。它赋予现有股东以折扣率购买额外股份的权利。这个想法是通过允许其他股东增持公司股票来减少敌意竞购者的持股。

3、Macaroni defense（通心粉防御）

通心粉防御是公司为防止意外收购或恶意收购而采取的众多方法之一。在通心粉辩护中，目标公司发行了大量债券，条件是一旦被收购，这些债券必须以高价赎回。

参考双语例句：

You need the shark repellent of good money management.

你需要可以击退鳖鱼的有效的资金管理。

As hostile takeovers swept the US in the 1980s, scared managers and boards of public companies introduced new techniques, such as the "poison pill", to fight off hostile bidders.

当80年代恶意收购浪潮席卷美国时，胆战心惊的上市公司经理和董事会引入了“毒丸”等反收购新手段，以击退恶意收购者。

A large number of such financial geniuses keep flaunting their plans to retire at 40; they were offered high salaries contracts when they joined an organization and given the so-called "golden parachutes" or "golden handshakes" when they left the organization after failing to satisfy investors.

我们看见很多这类金融奇才不断标榜40岁要退休，他们入职一间机构时有一张高薪的合约，甚至在离职时，这间机构不能令投资者满意他们离任时，都有所谓“黄金降落伞”与“黄金握手”。