| Summary: | 碩士 === 國立雲林科技大學 === 企業管理技術研究所 === 87 === Corporate Merger & Acquisition (M&A) is one of the main growing path for business, although many scholars have studies in this area, few have studied on the competitive strategy of hostile takeover in Taiwan. Existing literatures on this issue are always view it as a static process, but actually we recognize hostile takeover is one kind of inter-firm rivalry, and it is a dynamic process.
Hostile takeover activity has a substantial impact on corporate behavior. Indeed, organizations involved incur substantial cost and devote much time to developing defensive and offensive strategies. On the other hand, it also can improve the inefficiency of target management. So hostile takeover is an important issue.
This study focus on competing strategies of corporate hostile takeover & antitakeover, and four listing business were surveyed, content analysis and case analysis were used to develop the propositions. The results were found that in this study as follows: (1) when hostile takeover acquired holding more than 50% stock, takeover success probability will more higher; (2) affluent long-term finance in a hostile acquired was a key point for success.
We used 「the long-term finance」and 「stock holding ratio」as two dimension to developed strategy model for both target and acquired decision maker, help them make the right decision in the right time. Also the study provides the propositions for the field of hostile takeover to build theory, and the implications were discussed.
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