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This case traces the various developments that had taken place in the tug of war over Gesco Corp. In October 2000, Abhishek Dalmia made an open offer for 45% stake in Gesco Corp at Rs 27 per share. Since then, the battle between the Sheths - the promoters of Gesco Corp and the Dalmias had strengthened. Late 2000 saw both sides making offers and counter offers. They had reached a stage where both groups were fighting a losing battle. The price of the share went up to Rs 45 per share with the Dalmias'' making the last call. In January 2001, good sense prevailed on both sides and they reached an agreement. By the agreement, the Dalmias'' sold their 10.5% stake in Gesco at Rs 54 per share. With this, one of the most engrossing corporate battles had come to an end. The case is intended for MBA/PGDBM level students as part of the business ethics curriculum. From the case students are expected to understand how and why companies are increasingly falling prey to the corporate raiders. The case makes a point as to how Abhishek Dalmia realised the intrinsic value of Gesco Corp though its market value was very low. From the case students can understand how companies are becoming targets because of their lackadaisical attitude towards increasing shareholder value. The case makes a point that there is nothing unethical about the takeover bid because the shareholders actually benefit from these corporate battles. At the end of the case discussion, students are also expected to form an opinion as to how such takeover bids can be prevented.