凌巨收購華映三代TFT-LCD生產廠之決策分析

Abstract

2007年11月，STN LCD暨中小尺寸TFT LCD後段製程專業廠商凌巨科技，宣佈以新台幣65億元代價，取得中華映管股份有限公司(以下簡稱：華映)1條3代線。同時專注電子紙事業的廠商元太科技亦宣佈將以2,600億韓元(折合新台幣約93億元)代價，取得南韓面板廠BOE Hydis的95%股權。兩大中小尺寸面板業者相繼以併購的方式取得TFT生產技術，為的就是看好TFT是未來中小尺寸面板的主流，愈快導入TFT量產，可以愈快擺脫其他競爭者的追趕。 本研究藉由Ansoff所提出的企業成長模型探討以下問題：一、凌巨科技是於何種規劃而選擇併購華映三代線。二、凌巨科技如何在策略佈局上選擇華映? 三、在過程中又有什麼值得借鏡的地方？本文先從併購案目標的產業及公司做一分析描述，再從併購案的動機出發，在合作方式、過程及併購價格等非財務性因素上，找出關鍵因子，整合片斷的資訊，理出完整的脈絡，以瞭解整件併購案的全貌，並分析凌巨科技在併購過程決策的因素，找出此併購案之關鍵因素。 除了檢視本個案對台灣中小尺寸面板業的影響外，本研究對於將來有意進行併購的企業，提供了一個可依循的方向與原則，並有助於企業減少併購過程中可能會犯下的錯誤。

In November 2007, the small and medium size STN LCD manufacturer Giantplus who paid NT 6.5 billion to merge a third-generation TFT-LCD line of Chunghwa Picture Tubes Ltd. (hereinafter: CPT). At the same, PVI, one of the leading small to medium sized TFT-LCD panel players in Taiwan announced that it has entered into a binding memorandum of understanding (“MOU”) to acquire South Korean based BOE Hydis Technologies Co., Ltd. (“Hydis”) (“Transaction”). The PVI led Consortium will inject KRW260 billion (approximately US$285 million or NT$9.3 billion) to acquire an approximate 95% stake in Hydis subject to the relevant regulatory approvals. Both of them obtain the TFT production technology by the merger and acquisition way. It is just for the TFT-LCD will be the mainstream of light-sized panel in the future. And the more quickly into TFT mass production, the more quickly they can get rid of the other competitors to catch up.

This study proposed by Ansoff model of business growth to discuss the following questions: 1. what plan does Giantplus choose the third generations of line CPT. 2, How does Giantplus choose CPT in the strategy? 3, what can we learn fromthis M&A case? In this study the industry and the target company would be described and analyzed first. Then start with the motivation, this study would be analyzed by some key factors of the cooperating ways, M&A process, and the target valuation. According to this analysis with combination of the pieces of the information, we can see the whole picture of this M&A case and know that the rationality of the decision that Giantplus made. Finally, besides inspecting the impact of this case on Taiwan’s small and medium size panel industry, we also hope that if there’s any enterprise which intends to merge in the future, this study would show the way how it could be done. Hold the key principles and revise the details to the industry and company characteristic a little more, the mistakes from the M&A could be reduced.