This case concerns the hostile bid for Koppers Co. and its subsequent acquisition by Beazer PLC for $61 a share, one of the most controversial takeovers of the 1980s. The controversy holds powerful lessons for business managers: (1) the value of a global franchise and the willingness of an acquirer to pay a significant premium for a company that fits its global strategy; (2) the process of creating value after a strategic acquisition as opposed to the capture of existing value by financial buyers; (3) the influence of differing accounting treatments, tax treatments, costs of capital, and foreign-exchange risks on European acquirers' acquisition strategies; and (4) valuation issues, including the time of high growth required to justify the premium price paid for a strategic acquisition (horizon analysis).