Shark repellents are anti-takeover amendments that firms add to their corporate charters to protect themselves from unfavorable takeovers. One such strategy is a supermajority rule that requires 95 percent of a firm’s shareholders to approve a tender offer. Another technique is a fair price amendment, which requires a suitor to acquire stock at essentially one price. To a certain extent, this protects the shareholders of the firm against two-tier acquisitions, in which the acquiring firm acquires one block of stock at a high price and then the remaining shares at a substantially lower price.