In deals with a hostile bidder, the highest price does not always carry the day.

The original plan would have given stockholders the right to buy stock for half price if a hostile bidder bought 20 percent of the company.

State and Federal regulators have made it harder for hostile bidders to conceal their intentions.

That left several firms strong enough to aid a hostile bidder.

These new shares make the target company prohibitively expensive for a potential hostile bidder.

Nevertheless, it was only a few months ago that size was shown to provide little in the way of protection against a hostile bidder.

This would dilute the stock held by the hostile bidder.

Under Delaware law, any hostile bidder trying to take over Polaroid would have to buy more than 85 percent of the stock at one time.

The chain, which has more than 1,800 outlets, fought off a hostile bidder earlier.

One reason is that the will to fight off a hostile bidder with exotic anti-takeover defenses has declined.