This case examines the use of an American Depositary Receipt (ADR) program in the context of an overall restructuring plan that students are asked to evaluate. A New Zealand-based conglomerate's stock in recent months has underperformed in the New Zealand market. Analysts have begun to speculate that the company suffers from the well-known "conglomerate discount." In June 2000, in an attempt to improve the situation, Deutsche Bank Alex Brown (DBAB) is asked to conduct a strategic review of the company.