99942 Apophis  previously known by its provisional designation 2004 MN) is a near-Earth asteroid that caused a brief period of concern in December 2004 because initial observations indicated a small probability (up to 2.7%) that it would strike the Earth in 2029. Additional observations provided improved predictions that eliminated the possibility of an impact on Earth or the Moon in 2029. However, a possibility remained that during the 2029 close encounter with Earth, Apophis would pass through a gravitational keyhole, a precise region in space no more than about a half-mile wide, that would set up a future impact on April 13, 2036. This possibility kept the asteroid at Level 1 on the Torino impact hazard scale until August 2006, when the probability that Apophis will pass through the keyhole was determined to be very small. Apophis broke the record for the highest level on the Torino Scale, being, for only a short time, a level 4, before it was lowered. Its diameter is approximately (885 ft).As of October 7, 2009 (2009 -10-07), the probability of an April 13, 2036 impact is considered to be 1 in 250,000. Of objects not recently observed, there are 7 asteroids with a more notable Palermo Technical Impact Hazard Scale than Apophis.
In 2008, The Planetary Society, a California-based space advocacy group, organized a $50,000 competition to design an unmanned space probe that would 'shadow' Apophis for almost a year, taking measurements that would "determine whether it will impact Earth, thus helping governments decide whether to mount a deflection mission to alter its orbit." The society received 37 entries from 20 countries on 6 continents.
The commercial competition was won by a design called 'Foresight' created by SpaceWorks Enterprises, Inc. SpaceWorks proposed a simple orbiter with only two instruments and a radio beacon at a cost of ~140 million USD, launched aboard a Minotaur IV between 2012 and 2014, to arrive at Apophis five to ten months later. It would then rendezvous with, observe, and track the asteroid. Foresight would orbit the asteroid to gather data with a multi-spectral imager for one month. It would then leave orbit and fly in formation with Apophis around the Sun at a range of two kilometers (1.2 miles). The spacecraft would use laser ranging to the asteroid and radio tracking from Earth for ten months to accurately determine the asteroid's orbit and how it might change.
Pharos, the winning student entry, would be an orbiter with four science instruments (a multi-spectral imager, near-infrared spectrometer, laser rangefinder, and magnetometer) that would rendezvous with and track Apophis. Earth-based tracking of the spacecraft would then allow precise tracking of the asteroid. The Pharos spacecraft would also carry four instrumented probes that it would launch individually over the course of two weeks. Accelerometers and temperature sensors on the probes would measure the seismic effects of successive probe impacts, a creative way to explore the interior structure and dynamics of the asteroid.
Second place, for $10,000, went to a European team led by Deimos Space S.L. of Madrid, Spain, in cooperation with EADS Astrium, Friedrichshafen, Germany; University of Stuttgart  Germany; and Università di Pisa, Italy. Juan L. Cano was Principal Investigator.
Another European team took home $5,000 for third place. Their team lead was EADS Astrium Ltd, United Kingdom, in conjunction with EADS Astrium SAS, France; IASF-Roma, INAF, Rome, Italy; Open University, UK; Rheinisches Institut für Umweltforschung, Germany; Royal Observatory of Belgium; and Telespazio, Italy. The Principal Investigator was Paolo D'Arrigo.
Two teams tied for second place in the Student Category: Monash University, Clayton Campus, Australia, with Dilani Kahawala as Principal Investigator; and University of Michigan, with Jeremy Hollander as Principal Investigator. Each second place team won $2,000. A team from Hong Kong Polytechnic University and Hong Kong University of Science and Technology under the leadership of Peter Weiss, received an honorable mention and $1,000 for the most innovative student proposal.
Apophis( his name in Greek)  is also a old God in Egyptian mythology!