“Toehold” is a merger-and-acquisition (M&A) strategy, where a company buys a limited number of shares in a target firm prior to initiating M&A discussions with the target firm. Toeholds can lower the risk and cost of an acquisition. But this strategy carries risks of its own.

Teo - 脚趾头， hold - 握住，抓住，先抓它一个脚趾头，因此：　Toehold”是合并和收购（M＆A）的一种战略，在公司收购一个目标公司与目标公司的并购谈判开始前，购买一定数量的它股份数。 Toeholds可以降低收购风险和成本。但这个策略也有它自己的风险。