| Summary: | 碩士 === 國立交通大學 === 高階主管管理碩士學程 === 98 === Due to more business competition occurring on the international and global market, the pressure of an enterprise to pursue business growth is consistently increasing. To keep business growing, the M&A (Mergers and Acquisitions) has become one of the important approaches to an enterprise. The goal of all acquisitions to an enterprise is projecting to achieve corporate synergy. However, do all acquisition cases really create value as projected for the company? According to the research reports, about 50% of acquisition cases fail. Therefore, understanding the key failure factors of acquisitions is as important as understanding key success factors, because it can help prevent a company from making the same mistakes when they pursue acquisitions in the future.
This thesis adopts the case study of a small sized Taiwanese IC design house acquired by a multinational semiconductor company. This thesis adopts information from company internal documents, direct observation, and participation observation. This thesis goes through the M&A activities to analyze the causes why such case eventually failed, as well as evaluates the gains and losses which the acquiring company gets from this M&A. At the end of this thesis, few key failure factors, which caused the acquisition case failed, are identified. This analysis can be good lessons to be learned and as good reference to other enterprises when they pursue next M&A cases in the future.
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