The managing director of AP is faced with a dilemma, he has to decide is the company must merge with a competitor in order to ensure a territorial expansion project and to become the number one player in this project: the Greater Paris area, or, develop the promotion division and the health segment of the firm. The first option implies increasing the power of the real estate business while leaving the services and development divisions to one side.
A merger-acquisition operation between two listed companies implies the launch of a public exchange offer as both companies are listed. Through this operation, AP will become a pure player.

The second option implies supporting the major partner groups in their search for offices, as well as promoting the health segment of the real estate division. The development and consolidation of the health segment will involve the purchase and construction of clinics and hospitals throughout France.

This project is national in scope and actively supported by AP's management. Students have to help the director to make his choice and justify it to its shareholders.