This case is about the takeover battle between two Indian companies, Zandu Pharmaceutical Works and Emami Limited, in 2008. Zandu Pharma was owned by two promoter families. Emami bought the stake held by one of the promoter families, the Vaidyas without the knowledge of the other promoter family, the Parikhs. The Parikhs viewed this acquisition by Emami as a hostile move. Emami offered to run the firm under a joint management but Parikhs were opposed to such an arrangement. What followed was an intense battle for control over Zandu. None of the two sides wanted to give up the fight. A series of moves and counter moves on business, legal and family fronts, were witnessed as the fight went on. After months of fighting each other in the courts, on the stock markets and in media, both Emami and Parikhs are finding themselves worn out and under heavy financial and mental stress. With horns locked since long, markets watch as to who would blink first. Emami group has given Parikhs an offer to either sell their stake to Emami or buy the stake owned by Emami. The Parikh family has to now decide its course of action, that is, whether to sell out to Emami or to buy out Emami’s stake. Though seemingly easy, the choice for the Parikhs is difficult one to make. The case necessitates students to appreciate the business decision scenario from different standpoints. It encompasses several management issues about leadership, communication, acquisition strategy, legal/regulatory and emotional issues faced by promoter families. The case serves as a suitable tool for students to learn and apply leadership and communication skills in business, more specifically in complex and hostile acquisition situations.