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This case study is focused on the takeover of the Italian regional airline Air Dolomiti by Lufthansa in 2003. Students find themselves at a point in time shortly before the end of the public tender offer and have to evaluate the situation at hand. Since the accumulation of acceptances turned out to be more difficult than expected, Lufthansa had to take urgent action to convince the remaining shareholders to tender their shares. At the same time, Lufthansa had to decide on the strategic integration of Air Dolomiti following a successful tender offer. Based on their analysis of the financial and strategic logic of the transaction, students have to make appropriate decisions on what actions Lufthansa should take. This challenging case is intended for corporate finance as well as strategic management classes and provides sufficient materials to teach subjects like: (1) financial modeling; (2) valuation methodologies; (3) transaction tactics; and (4) post merger integration.