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| Title: | 企業併購流程與評價之個案研究分析
A Case Study on the M&A Process and Valuation |
| Authors: | 盧圜玉
Lu, Kelly |
| Contributors: | 蔡政憲
Tsai, Jason
盧圜玉
Lu, Kelly |
| Keywords: | 併購
盡職調查
評價
綜效
阻礙成功的關鍵因素
M&A
Due diligence
Valuation
Synergy
Deal breaker |
| Date: | 2015 |
| Issue Date: | 2016-01-04 16:51:12 (UTC+8) |
| Abstract: | This thesis aims at understanding the M&A process from the beginning of strategy development, target screening, transaction execution, to integration and reorganization. On the buy side perspective knowing that during each process what are the key points and issues that a buyer/acquirer will encounter and fully prepare for it. In order to make a successful deal, a company must have a clear plan to fit its corporate strategy under the help with advisors toward the direction by using M&A as a choice to make expansion.
It gives a successful first-timer deal making case study given that the buyer and seller’s company background, the motive behind this merge and the process. In addition to the overview of the case study it also identifies key issues during the transaction execution process. Finally it comes up with a synergy analysis to prove that why this deal is making a success.
M&A is a complex topic involving with many business aspects and therefore in order to avoid failing, specific deal breakers should be careful during the process. There is a saying from Sun Tzu “know yourself, know your enemy, and you shall win a hundred battles without loss” and this is the right attitude toward an M&A deal in considering every issues that might have happened.
Chapter 1. Introduction 1
1.1. Motivation 1
1.2. Purpose of the Study 1
1.3. Analysis Structure 2
Chapter 2. M&A Overview 3
2.1. Definition & Development 3
2.2. Types of M&A 4
2.3. Motives of M&A 5
Chapter 3. M&A Process 7
3.1. Strategy Development 7
3.2. Target Screening 9
3.2.1. Valuation & Financial Modeling 10
3.2.1.1. Pros and Cons of Valuation Method 13
3.3. Transaction Execution 15
3.3.1. Financial & Tax Due Diligence 16
3.3.2. Legal Due Diligence 17
3.3.1. Business Due Diligence 17
3.3.1.1. Integrity Due Diligence 17
3.3.1.2. Commercial Due Diligence 18
3.3.1.3. Operational Due Diligence 18
3.3.4. Negotiation 19
3.3.5. Implementation 19
3.4. Integration and Reorganization 19
3.4.1. Finance and Administration 20
3.4.2. Human Resources 20
3.4.3. Information Technology 21
3.4.4. Supply Chain Management 21
3.4.5. Post-Merger Business Processes and Internal Controls 21
3.4.6. Intellectual Property 22
Chapter 4. The Case of TSRC & Dexco 23
4.1. Introduction of TSRC 23
4.1.1. TSRC History & Milestones 24
4.1.2. TSRC Product Portfolio 25
4.2. Introduction of Dexco 27
4.2.1. Dexco History & Milestones 28
4.2.2. Dexco Product Portfolio 28
4.3. Industry 29
4.4. Product Application 29
Chapter 5. The Merging Process 31
5.1. Merger Overview 31
5.2. Motive & Strategy of the Merger 32
5.3. Key Issues 33
5.4. Deal Breaker 33
5.4.1 Financial – Valuation and Price 34
5.4.2. Funding 34
5.4.3. Legal and Tax 34
5.4.4. Human capital 35
5.4.5. Negotiating 35
5.5. Transaction Execution Findings 35
5.5.1. Financial 37
5.5.2. Tax 37
5.5.3. Antitrust 38
5.6. Deal Closing 38
Chapter 6. Synergy 39
6.1. Post-Merger Synergy Analysis 39
6.1.1 Stock Price 40
6.1.2. Financial 41
Chapter 7. Conclusion and Recommendation 45
7.1 Conclusion 45
7.2 Recommendation 46
Reference 48 |
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| Description: | 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
102933017 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0102933017 |
| Data Type: | thesis |
| Appears in Collections: | [國際經營管理英語碩士學程IMBA] 學位論文
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