National Distilleries Corp.: An M&A Negotiation Role Play - General Instructions

This case is a multi-party M&A negotiation between companies in the liquor business. The target company National Distilleries Corporation (NDC) is the target of two competitors, namely Liquor America (LA) and International Liquor (IL).

• M&A and financial negotiations • Increasing the number of parties increases complexity, bringing more opportunities but also more risks • The importance of negotiating the process • Don´t assume it is a competition before you consider all interests • Negotiate based on expectation of value (rewards & risks), not of luck • Legitimacy is what makes sense for the parties • Avoid irrational or unethical decisions under pressure: lying, use of bargaining tactics, treating others as enemies, agent-principal conflicts of interest, parasitic value creation