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中文篇名

日矽併不併?科技併購啟示錄

英文篇名

To Be or Not To Be? Advanced Semiconductor Engineering’s Acquisition of Siliconware Precision Industries

作者

曾詠青曾心怡

中文摘要

本個案為討論2015 年台灣一宗重大的併購交易案,即半導體封裝測試龍頭企業日月光對同為封裝測試廠的矽品提出購股邀約,矽品表示事前沒有收到任何通知與協商,認定對手並非單純的財務投資,而是想取得矽品的經營權,他們無法接受不合理的「敵意併購」。為了防止日月光入主矽品,矽品經營團隊採用“white knight”的反敵意收購策略,並尋求鴻海共組策略聯盟,且呼籲投資者在日後的臨時股東會支持公司方的兩項議案。
2015 年10 月15日臨時股東會議中,矽品公司方的提案皆未過關,代表鴻海與矽品的合作無法實現,而日月光在完成股權交割後,將順利成為矽品的最大股東。對於矽品董事長林文伯來說,這無疑是成立公司30 年以來,經營權所遭遇最嚴重的挑戰。
藉由學習「日矽」個案,期許讀者瞭解企業併購發生的要因,與該交易伴隨而生的相關效應;透過分析日月光投資矽品的動機,思考其是否會繼續增多持股數;最後,從矽品面臨併購危機,瞭解台灣半導體廠普遍存在哪些問題。

英文摘要

In this case study, we document a proposed merger and acquisition (M&A) case between Advanced Semiconductor Engineering (ASE) and Siliconware Precision Industries (SPIL) on August 21, 2015, possibly the biggest surprise in Taiwan’s semiconductor industry in three decades. Because the transaction was executed unilaterally and without consultation with its target, SPIL considered ASE as engaging not in investment but in carrying out a hostile takeover.
To prevent ASE from becoming the majority shareholder of SPIL, SPIL’s management team used the white knight strategy against hostile takeover. SPIL’s management team announced they would forge a strategic alliance via an exchange of shares with Hon Hai Precision Industry Company Ltd, and called on shareholders to participate in the extraordinary general meeting on October 15, 2015, to support two proposals proposed by SPIL.
Unfortunately, SPIL failed to gain enough supporting votes for its amendments, and the result of the extraordinary general meeting result showed that most shareholders rejected the white knight strategy. ASE’s M&A plan is undoubtedly the most serious threat to the survival of SPIL since its establishment.
By studying this case, students are not only expected to understand the causes of M&A strategy, but its effects. By discussing the reason for ASE’s investment in SPIL, they can think about whether ASE will continue to increase the number of SPIL’s shares. Finally, from the SPIL’s experience in the M&A crisis, the readers can gain insight into the general problems of Taiwan’s semiconductor industry.

關鍵詞

日月光矽品策略聯盟敵意併購臨時股東會Advanced Semiconductor Engineering (ASE)Siliconware Precision Industries (SPIL)strategic alliancehostile takeoverextraordinary shareholders meeting

刊名

產業與管理論壇

期數

201906 (21:2期)

起訖頁

060-092

出版單位

工業技術研究院產業科技國際策略發展所

DOI

10.3966/199582342019062102003  複製DOI   DOI查詢

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