The active player uses a warship or raider in conjuction with a 'Shipping Lanes' action to intercept all three of the defending player's merchant ships.
For the first intercept the defending player plays a reaction card (e.g., 'AMC'). The intercept/reaction card combination is resolved normally.
For the second interecept the defending player plays a 'Slim Pickings' reaction card. What happens next?
The second and third intercept cancelled, as a single intercept has already occured.