In November of 2005, Canada's largest steelmaker, Dofasco, has received two competing bids - the first from Luxembourg-based Arcelor for Cdn$4.3 billion, and the second from German steelmaker ThyssenKrupp for Cdn$4.8 billion. Dofasco's board must now develop a strategy to deal with both bids. In the process, they need to decide on what the company would be worth to both companies and Dofasco's shareholders.