2010年4月1日頎邦科技股份有限公司正式合併飛信半導體股份有限公司,合併後頎邦科技為存續公司,飛信半導體為消滅公司,雙方約定以換股方式完成合併,換股比例為按合併基準日之1.8股飛信半導體普通股換發1股頎邦科技普通股。本次交易以固定股數之換股方式完成合併,除了考量股價風險承擔之外,買方現金籌資問題也是考慮因素,另外賣方大股東繼續持有新公司股權,意謂願意共同加入新公司未來營運。合併案屬善意且良性談判結果,可做為國內封測產業未來發展與競合之參考。 本研究以個案分析的方式,來說明個案在進行合併時之訂價,其間參考多種企業評價模式來進行設算,並透過評比找出一項較合理的評價模式。由於本案是以換股方式進行合併,在進行評價時同時計算出買方與賣方之參考價格,然後將雙方的參考價格換算成比值,再進行各式比值之評比。評比方式採市價比法、淨值比法、市價淨值比法、市價銷售比法及自由現金流量折現法。評比結果以淨值比法最貼近業者之換股比例,以市價比法、市價淨值比法、市價銷售比法及自由現金流量折現法評價換股比例,會產生溢價,其中又以自由現金流量折現法溢價比例最高。 本研究以後市股價表現觀察,在頎邦宣佈合併後,頎邦與飛信的股價雙雙上漲,代表市場對於本件合併案給予肯定。合併之企業綜效應屬存在,且會持續表現在合併後新公司之營運與獲利,合併綜效謹列入持續觀察與後續研究。
The Merger of CHIPBOND and IST Ltd. was valued on April 01, 2010. CHIPBOND is existing company and IST Ltd. is extinguished company. Both buyer and seller decided to pay this trade-offs in stocks and the stocks exchange ratio is IST 1.8 units stock vs. CHIPBOND 1 unit stock. This trade-offs in stocks alternatively derived from the following considerations, including stocks pricing risk and capital raising concerns. In stocks exchange, the major shareholders of IST Ltd will keep the new company’s stocks. This means they intend to join the new company’s development and growth. This merger case is benevolence and had a mutual acceptable result. It can be a good sample of Taiwan Assembly and Testing industry future development between competition and cooperation. This topic is approached in the method of case study. The aim of this study is to disclose the price decision of merger. Some tools of valuation are used in the study so as to find a reasonable model of price decision for this merger case. Due to merger in stocks, this study is processed by calculating of buyer to seller ratio of market value. This ratio calculation is applied in each valuation tools, which include market appraisal approach, equity appraisal approach, P/B ratio approach, P/S ratio approach and DCF approach. The result of ratio calculation shows that equity appraisal is most close to the merger exchange ratio. Market appraisal、P/B ratio 、P/S ratio and DCF is over the merger exchange ratio. DCF is the highest of over the merger exchange ratio. By watching the stocks market after merger, both companies’ stocks prices went upward, which meant the investors gave the merger a positive view of forward looking. The merger integrated effect is expected to perform in the new company’s operation management, sales volume and revenue. These topics are with respect to the further research sincerely.