企業併購之價格評估--以AMAT收購VSEA為例

Price Evaluation of Merger & Acquisition A case study of the acquisition of VSEA by AMAT

蘇哲毅

指導教授 ： 林哲群

國立清華大學/科技管理學院/經營管理碩士在職專班/碩士(2012年)

https://doi.org/10.6843/NTHU.2012.00455

摘要

2011年5月4日，當時營收規模世界第一的半導體設備公司應用材料（Applied Materials, AMAT），宣布將以每股63美元，溢價55%，現金收購瓦里安半導體公司（Varian Semiconductor Equipment Associates Inc., VSEA），預計共花費49億美元。根據彭博資訊（Bloomberg）統計，這樁交易是2006年以來，半導體設備市場最大規模的併購案。

本研究除了分別回顧兩間公司的歷史，與近幾年的財務狀況外，也以常見的企業評價方法，依據個案宣告合併前的已公開財務資訊，試算合理的購買價格。以｢類似公司比較法｣（Comparables Method）所推估的價格，遠低於雙方董事會所共同同意的購買價格。其原因在於市場上不可能找到一間各方面完全類似的公司，可做為目標公司絕對客觀的參考；市場價格也可能尚未反映類比公司的真正價值，以致於造成目標公司的價格也被低估。採用｢自由現金流折現法｣（DCF）來推算時，考量合併後企業文化及管理效率的趨同，交叉使用了AMAT與VSEA長短期的資料來當作推估的參數。由於此法是基於對未來成長性的預期來做推估，因此必須加入敏感度分析，以了解各個因子的重要性與影響程度。此方法所估算的結果，與敏感度分析中所有情況的計算結果，皆高於類似公司比較法的推算結果，也含括了併購發生的實際價格。可見得DCF法是實務上最成熟的公司鑑價方法。

VSEA與AMAT的產品線互補，不論其收購價格的合理性，這是策略指導下必然發生的結果。合併後的短期效益應無疑慮；長期的綜效，是否仍值得55%的溢價，則有待後續的研究與追蹤。

關鍵字

企業評價 ； 類似公司比較法 ； 自由現金流折現法

並列摘要

On May 4, 2011, Applied Materials, Inc.（Nasdaq:AMAT）announced to acquire Varian Semiconductor Equipment Associates, Inc.（Nasdaq:VSEA）for $63 per share in cash for a total price of approximately $4.9 billion. The price represents a 55 percent premium to the closing price on May 3, 2011. At that moment, AMAT was the biggest wafer fabrication equipment （WFE）provider all over the world. According to the report of Bloomberg, the deal is the biggest M&A case in the semiconductor equipment industry since 2006.

First of all, the thesis reviews the brilliant history and the financial performance of these two great companies. Secondly, it bases on the public financial information before the M&A announcement to calculate the potential price of the acquisition. By “Comparables Method”, the outcome of the evaluation is far lower than the real dealing price by the boards of AMAT and VSEA. One of the reasons is it’s hard to have a 100% similar company in the public market to be the pricing reference of the target company. Also, the market price of the reference company could not represent its real value and results in the lower-pricing of the target company. By “Discounted Free Cash Flow Method”, the author uses both of the short-term and long-term information from AMAT and VSEA as the parameter values. It is because the corporate cultures and management efficiencies could approach to the same after the M&A. The DCF is to predict the future, so the analysis to the sensitivity is necessary. All the calculating results among the sensitivity analysis by DCF, are higher than the value comes from the Comparables Method. Also, the real dealing price of this M&A case is covered by DCF and its sensitivity analysis. No wonder DCF is the most practical method in the domain of the corporate valuation.

The products of VSEA and AMAT are fully complementary. No matter the acquiring price is reasonable or not, it is a must from the viewpoint of strategy. For the short term, the benefit of this acquisition is no doubt. For the long term, is there enough synergy to cover the 55% premium? It could be another interesting topic.

並列關鍵字

VSEA ； AMAT

參考文獻

11.丁嘉宏，2009，｢美商應用材料公司多角化策略與企業價值之影響｣，國立交通大學碩士論文。

13.劉樺，｢資產評價與併購定價－以頎邦科技合併飛信半導體為例｣，國立清華大學科技管理學院EMBA碩士論文，民國99年。

2.10K Annual Report of Applied Materials Inc., from 2000 to 2011.

17.http://www.appliedmaterials.com/varianacquisitioncloserelease,（Applied Materials acquired Varian Semiconductor Equipment Associates, Inc.）

中文文獻