- 學位論文
企業併購個案研究-以半導體設備商科林研發與諾發系統的併購案為例
A case study of mergers and acquisitions on semiconductor equipment manufacturer Lam Research and Novellus Systems Merger
摘要
併購是企業透過外部成長以達到擴張目的的方式，亦是企業在面對市場環境不確定時可採行的財務策略。 2011年12月14日，半導體設備商科林研發與諾發系統同時發表併購同意聲明，科林研發將以每股44.42美元的價格，總價33億美元來併購諾發系統。雙方約定以換股的方式完成併購，換股比例為按12月14日Nasdaq收盤股價的1.125股科林研發普通股換發1股諾發系統普通股。 本研究以資源基礎理論中所對應的財務比率對這兩家公司做分析，比較兩者的競爭優勢，並就併購的價格及併購的整合過程加以探討。 研究結果發現，在競爭優勢的整體評比方面，科林研發比諾發系統俱有較佳的競爭力。在併購價格的分析方面，以自由現金流折現法得到的結果顯示，科林研發的44.42美元每股收購價，比估算價格短少1.88美元，貶損了4.06%。另外，在併購過程中引進外部專業團隊的協助，藉由其專業的經驗與規劃，可使併購整合的程序進行的更順利。但是，在溝通的工作上，仍需公司的管理高層親力親為，以最大的誠意來消彌員工的不安情緒。 科林研發與諾發系統兩家公司的產品與技術是彼此互補的，預期在合併之後將可以成為產品組合更為廣泛的半導體設備公司。可將合併後新公司之營運與獲利表現，列為併購綜效之後續觀察與持續研究之項目。
並列摘要
For enterprises, Mergers and Acquisitions are the way of external growth to achieve the expansion. December 14, 2011, semiconductor equipment manufacturers Lam Research and Novellus Systems, both announced a statement of M&A agreement, Lam Research will merge Novellus Systems at the price of $ 44.42 per share, amounting to $ 3.3 billion. These two companies agreed to the convertible way completed the acquisition. The conversion ratio is 1.125 shares of ordinary shares of Lam Research to a share of ordinary shares of Novellus Systems at Nasdaq closing stock price on December 14, 2011. In this study, the resource-based theory corresponding financial ratios are used to analyze, to compare the competitive advantage of the two companies, the price evaluation and the integration process of the M&A are also explored. The results showed that, Lam Research in the overall appraisal of the competitive advantage is more competitive than Novellus Systems. In the analysis of the acquisition price to the discounted free cash flow, at the results obtained show the $ 44.42 per share purchase price offered by Lam, less than the estimate of $ 1.88, discount 4.06%. In addition, the introduction of the assistance of external professional team during M & A process, by their professional experience and planning, the integration program of merger will go more smoothly. However, in the work of communication, it still needs the company's senior management to do it with the greatest sincerity to diminish the anxiety of the staffs. Lam Research and Novellus Systems, the products and technologies of both companies complement each other. After the merger, it is expected to become a semiconductor equipment company with broader product portfolio. The synergy of operating and profitability performance of the new company can be as the follow-up study projects.