財務策略如何帶來併購之雙贏? 以元太科技併購E Ink之個案為例

Abstract

本研究藉由分析元太科技於2009年購併E Ink一案，探討其購併之動機、評估及財務策略是如何帶來併購之雙贏。元太科技(PVI)原為一家中小尺寸面板製造商，2005年5月購併Philips電子紙顯示部門後，成為全球少數具有量產電子紙顯示器技術及經驗之廠商。然而關鍵性的電子紙墨水材料技術仍由E Ink所掌握。2009年6月，元太科技提出以美金2.15億元現金與E Ink簽署購併合約並取得100%股權，然而由於景氣復甦、市場後趨樂觀，加上國際平面顯示器大廠亦進行出價，元太科技在面對E Ink股東要求追加購併金額的壓力下，於2009年9月以1.2億股可轉換特別股的方式作為加碼。對於元太科技來說，併購E Ink可使其加強對電子紙顯示器供應鏈上下游之控制，因而絕對是勢在必行；而對E Ink之原始股東來說，以可轉換特別股的方式加碼，可讓其共享合併後公司的經營成果。此創新之併購財務策略讓交易雙方能共謀其利，而併購所產生之綜效更讓元太科技領先於同產業的公司。

Based on the merger and acquisition of PVI with E Ink, this case study analyzes how financial strategy facilitates a win-win merger and acquisition agreement and explores synergies of the case. PVI, a leading provider of small and medium display and the top electronic paper module maker in the world, announced its merger agreement with E Ink, the leader in electronic paper display (EPD), for US$215 million in June, 2009. Three months later, considering the explosive growth of the E-reader market and profit of E Ink’s shareholders, PVI amended its merger agreement and added 120 million convertible preferred shares. On the one hand, through acquisition of E Ink, PVI completely takes control of upstream electronic ink technology and downstream EPD module of the supply chain. On the other hand, according to the amendment, E Ink’s original shareholders are allowed to share the future growth of the combined company. This innovative merger deal benefits both sides of the case and brings multiple synergies.