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| Title: | 企業併購案例分析：以拜耳併購孟山都為例
Merger and acquisition case study: Bayer’s acquisition of Monsanto |
| Authors: | 劉孟學
Liu, Meng-Hsueh |
| Contributors: | 吳啟銘
劉孟學
Liu, Meng-Hsueh |
| Keywords: | 併購
拜耳
孟山都
農化巨頭
M&A
Bayer
Monsanto
Agrochemical giants |
| Date: | 2021 |
| Issue Date: | 2021-03-02 14:58:29 (UTC+8) |
| Abstract: | 農化產業的進步與發展，造成產量過剩，導致整體農產品價格受到影響，進而抑制種子、除草劑等各種農化產品需求；舊專利即將到期，非專利產品製造商挾低成本優勢虎視眈眈，新專利的研發成本又節節攀高，專注於專利產品的農化六大巨頭紛紛開始整併，Bayer併購Monsanto的價格節節攀高，是基於理性的判斷，又或是不理性的決策。
Monsanto股價被低估，Bayer溢價後的價格僅略高於Monsanto本身的企業價值，雖仍有綜效產生，但所占比例相對低，因此推論Bayer主要目的為逢低買進Monsanto，並非一味追高價格。
這份研究發現，在市場頻繁有併購活動，且因併購邀約失敗導致負債權益比攀高，可以透過提出收購邀約，在反轉併購時，取得條件上的優勢。Monsanto因併購Syngenta而預先調整資本結構，無奈最終破局，雖有能力可以併購他方，但也容易因資本結構失衡被視為併購標的，透過主動向Bayer提出部門收購邀約，在反轉併購時，能取得相對優渥的條件。本研究可以作為企業被視為併購標的的談判策略參考。
The progress and development of the agrochemical industry has resulted in overproduction which has affected the overall prices of agricultural products, thereby inhibiting the demand for agrochemical products. As old patents are about to expire, generic product manufacturers with low-cost advantages get ready to produce. Moreover, the research and development costs of new patents are getting higher and higher. The six major agrochemical giants, which focus on patented products, have begun to merge. The price of Bayer’s acquisition of Monsanto has been rising, based on rational judgments or irrational decisions.
Monsanto`s stock price is undervalued. The price of Bayer`s premium is only slightly higher than Monsanto`s own corporate value. Although there is still synergy, the proportion is relatively low. Therefore, it is inferred that Bayer`s main purpose is to buy Monsanto on dips, not blindly chasing highs. price.
Enterprise can obtain conditional advantage in reversing mergers and acquisitions through submitting merger invitation at first when the market is actively having merger event, and the failure of offer for merger leads to higher debt-to-equity ratio. Monsanto adjusted its capital structure in advance due to its acquisition of Syngenta, but finally broke the situation. Although it has the ability to acquire other parties, it is also easy to be regarded as the target of acquisition due to the imbalance of the capital structure. By actively submitting a departmental acquisition invitation to Bayer, it can obtain relatively favorable conditions. This study can be used as a reference for the negotiation strategy of companies that are regarded as the target of merger. |
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| Description: | 碩士
國立政治大學
企業管理研究所(MBA學位學程)
107363031 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0107363031 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202100191 |
| Appears in Collections: | [企業管理研究所（MBA學位學程）] 學位論文
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