Ki Do is a big “figure” of Viet Nam economy. Founded in 1993, Ki Do started from a family business growth into giants of confectionary industry in the last 30 years. It has gone though many economy periods of Viet Nam and the story of its-self reflect a part of country history and politic change. Facing with many challenges since the early day from competing with vigorous FDI companies to lack of industry knowledge, Ki Do’s board of Director proves that they can close the gap of technology, human resources, brand image, supply chain problem by choosing the right strategic and deeply understand market. Merge and Acquisition is one of the most common pattern strategies of Ki Do to leap from “Good” company to “Great” company and fuel it sustainable growth. Mr Tran Le Nguyen, chairman of Ki Do, proposed that M&A is a good strategy for all type of company from multinational company to family scale. Base on different situation, company can choose their own type of deals to serve its purpose. Ki Do started from a 100-meter square cake store growth to biggest player in confectionary industry with 7000 employees, 8 factories and 22000 point of sales all over Viet Nam. Suddenly in Sep 2015 Ki Do chairman announced a questionable decision to sold 80% of their core business to Mondelez (US) and penetrate a whole new market: cooking oil. One of the most twisting point of the case is the offer from Unilever to buy back ice cream factory from Ki Do in the same time Ki Do consider the next steps of their M&A transaction. The case provides information for student to play a role as M&A consultant to provide advice for Board of Director of Ki Do to conduct million USD transaction which can determine company next chapter and learn how to analyze an M&A using theory and framework from macro economy level to detail market research.