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In this study the contested takeover of Martell & Cie. by Joseph Seagram & Sons in 1987 is described. The case provides the opportunity for students to role-play with respect to the various parties to the transaction. The case requires that students assume the role of one of four main participants in the events surrounding the acquisition of Martell - Martell (France), Joseph Seagram & Sons (Canada), Grand Metropolitan plc (UK) and the French Ministry of Finance. The case provides brief descriptions of the Cognac industry, Martell, Seagram, Grand Met and the reasons why the two latter firms wished to acquire the former. It also outlines the events of December 1987, by which Martell was put into play. Exhibits include the financial statement summaries of each of the three companies and a description of mergers and acquisitions in France. Since the case is set up as a negotiation exercise, each of the four roles is also provided with a 'mandate', a one-page summary of its philosophy and goals regarding the transaction.