| Summary: | 碩士 === 國立交通大學 === 管理學院管理科學學程 === 103 === This paper illustrates Merge and Acquisition (M&;A) case study of Taiwan IC industry, a Foreign Issuers listing on TWSE &; leading touch controller IC solution provider, and a well-known smart handheld LCD driver IC Chip maker, announced a merge operations under the name Focal co., It researches in the form of case studies, discovers touch panel control IC technology and the structure of Industry supply chain, exam motivation of M&;A、acquisition firm selection and target of synergy by collecting and analysis second base data, meanwhile, discuss on corporate insiders about acquisitions strategy and the company's future business planning. Finally uses event study methodology to dimension the Cumulative / Abnormal Returns (CAR/AR) of stock prices of the bidder and target firm’s in event windows.
As result of this thesis, the Enterprise triggered external growth and mitigate the risky of product diversifications implement strategies through mergers and acquisitions (M&;A). Motivations not only achieve economies of scale and scope (operational synergy), financial synergy, market power but also shareholders wealth creation. Technologically complementary and scale of asset effect target firm selection on M&;A operation, moreover, Tax incentive, capital gains and Brand image contribute to transaction of M&;A strategy and performance. Scheme of Employee terms and share options could encourage employee loyalty, retention and also consolidate a new organization by M&;A agreement. The share pricing of bidding firm reacts positively with a significant abnormal return in pre-event windows, a negative abnormal return correlate with bidder and target firms after post-event, furthermore, formulates industry strategies and recommendations.
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