Focusing on corporate warfare, this episode explains hostile takeovers—bypassing boards to appeal directly to shareholders—and defenses like poison pills (dilution triggers), white knights (friendly buyers), Pac-Man (counter-bids), and staggered boards (slowing control shifts). Professor Seth C. Oranburg uses examples like Twitter/Musk (pill adopted then waived), Paramount/Time (white knight merger), Martin Marietta/Bendix (Pac-Man chaos), and Airgas (staggered success). He weighs pros (accountability) against cons (short-term disruption).