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The set of four cases composing the Fur Industry Merger Exercise affords the opportunity for a merger negotiation among students. Three potential buyers (Adams [UVA-F-0964], Jindo, and Lessard [UVA-F-0963]) compete for two potential sellers (Adams and Gallery of Furs [UVA-F-0965]). The cases give detailed financial forecasts for the target firms that are unique to each party. The forecasts form the basis for valuation of the target companies. The merger opportunities are prompted by major competitive changes in the worldwide fur-garment industry and by adverse changes in demand in US fur retailing. The exercise affords insights into the challenges of cross-border acquisitions. Jindo Corporation is a Korean producer of fur garments and desires to obtain US retail channels of distribution. The 'Jindo Corporation' case may be used on a stand-alone basis to illustrate aspects of valuation in a merger setting.