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LBT Acquisition Corp (LBTAC) made a Cdn$24 per share hostile takeover bid for John Labatt Limited (Labatt). LBTAC was a subsidiary of Onex Corporation (Onex), a Toronto-based conglomerate which secured financial assistance from Quilmes Industrial SA, a Luxembourg-based holding company. Prior to the Onex bid, Labatt had been negotiating a merger with Interbrew SA/NV, Belgium''s largest brewer. People close to the negotiations indicated they had heard rumors that the Dutch Brewer, Heineken NV, and others were prepared to make bids. The case is from the perspective of Wood Gundy, the financial advisor to Labatt. The challenge for the student is to structure a deal in order to maximize shareholder value.