臺灣博碩士論文加值系統

本研究藉由分析元太科技於2009年購併E Ink一案，探討其購併之動機、評估及財務策略是如何帶來併購之雙贏。元太科技(PVI)原為一家中小尺寸面板製造商，2005年5月購併Philips電子紙顯示部門後，成為全球少數具有量產電子紙顯示器技術及經驗之廠商。然而關鍵性的電子紙墨水材料技術仍由E Ink所掌握。2009年6月，元太科技提出以美金2.15億元現金與E Ink簽署購併合約並取得100%股權，然而由於景氣復甦、市場後趨樂觀，加上國際平面顯示器大廠亦進行出價，元太科技在面對E Ink股東要求追加購併金額的壓力下，於2009年9月以1.2億股可轉換特別股的方式作為加碼。對於元太科技來說，併購E Ink可使其加強對電子紙顯示器供應鏈上下游之控制，因而絕對是勢在必行；而對E Ink之原始股東來說，以可轉換特別股的方式加碼，可讓其共享合併後公司的經營成果。此創新之併購財務策略讓交易雙方能共謀其利，而併購所產生之綜效更讓元太科技領先於同產業的公司。

Based on the merger and acquisition of PVI with E Ink, this case study analyzes how financial strategy facilitates a win-win merger and acquisition agreement and explores synergies of the case. PVI, a leading provider of small and medium display and the top electronic paper module maker in the world, announced its merger agreement with E Ink, the leader in electronic paper display (EPD), for US$215 million in June, 2009. Three months later, considering the explosive growth of the E-reader market and profit of E Ink’s shareholders, PVI amended its merger agreement and added 120 million convertible preferred shares. On the one hand, through acquisition of E Ink, PVI completely takes control of upstream electronic ink technology and downstream EPD module of the supply chain. On the other hand, according to the amendment, E Ink’s original shareholders are allowed to share the future growth of the combined company. This innovative merger deal benefits both sides of the case and brings multiple synergies.

Table of Contents
Chinese Abstract........................................ i
English Abstract....................................... ii
Chinese Acknowledgements.............................. iii
Table of Contents...................................... iv
List of Tables.......................................... v
List of Figures......................................... v

I.Introduction.......................................... 1
II.The background of PVI and E Ink’s merging............2
2.1 Electronic paper display (EPD) industry…...........2
2.1.1 The characteristics and history of EPD…..........2
2.1.2 EPD market scale..................................2
2.1.3 EPD based E-reader industry.......................4
2.2 The acquiring company: Prime View International (PVI)6
2.2.1 Business strategy of PVI...........................9
2.2.2 Financial condition of PVI before 2009.............9
2.3 The acquired company: E Ink.........................10
2.3.1 Financial condition of E Ink before 2009 .........11
2.4 The process of reaching merger agreement............12
III. Evaluation of E Ink value..........................18
IV. How financial innovation plays a role in merger and acquisition..............................................22
4.1 The reasons for revision of merger agreement........22
4.2 The financial innovation adopted to facilitate merger and acquisition..........................................23
V. Synergy estimation in merger and acquisition.........24
5.1 The operating synergy...............................25
5.2 The financial synergy...............................30
5.3 The market synergy..................................30
VI. Conclusion and recommendations......................34
6.1 Conclusion..........................................34
6.2 Recommendations.....................................35
Reference................................................37

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