A Case Study on the Valuation of Merger and Acquisition of Taiwanese LED Company-Epistar Company Mergerd Epitech Company
碩士 === 國立臺灣大學 === 國際企業管理組 === 96 === This research was focused on the calculation of reasonable merger prices for one Taiwanese LED company Epitech, which was merged by another company Epistar which was also in the same LED industry. This study used two different financial calculation methods, Free...
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ndltd-TW-096NTU053210192015-11-25T04:04:38Z http://ndltd.ncl.edu.tw/handle/76812248450373899778 A Case Study on the Valuation of Merger and Acquisition of Taiwanese LED Company-Epistar Company Mergerd Epitech Company LED上游企業併購之財務評價探討─以晶元光電併購元砷為例 Fang-Kuo Li 黎方國 碩士 國立臺灣大學 國際企業管理組 96 This research was focused on the calculation of reasonable merger prices for one Taiwanese LED company Epitech, which was merged by another company Epistar which was also in the same LED industry. This study used two different financial calculation methods, Free Cash Flow Discount (FCF) method and Market Multiple Method, to evaluate the reasonable merger prices. The results of calculation showed that the reasonable merger prices were NT 35.72 by the FCF method and NT 27.38 by the Market Multiple method, respectively. The average price from these two methods was NT 31.55. Comparison with the real merger price, NT 34.40, there was a littlt premium by 9.03%. The Epistar company , the largest LED Epi-wafer company in Taiwan, has strong financial condition, good R&D ability, high production yield and advance technology, but the Epistar still provided the higher price with about 9% premium to merge the relatively weaker company Epitech.We explained the reasons why Epistar paid the higher price to merge the Epitech by three different dimensions of synergy. In conclusion, we think the merger price is reasonable, and the Epistar can get some benefits from this M&A, and we believe this M&A is helpful for Epistar to create more competitive and prospective future. 吳青松 2008 學位論文 ; thesis 92 zh-TW |
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碩士 === 國立臺灣大學 === 國際企業管理組 === 96 === This research was focused on the calculation of reasonable merger prices for one Taiwanese LED company Epitech, which was merged by another company Epistar which was also in the same LED industry. This study used two different financial calculation methods, Free Cash Flow Discount (FCF) method and Market Multiple Method, to evaluate the reasonable merger prices.
The results of calculation showed that the reasonable merger prices were NT 35.72 by the FCF method and NT 27.38 by the Market Multiple method, respectively. The average price from these two methods was NT 31.55. Comparison with the real merger price, NT 34.40, there was a littlt premium by 9.03%.
The Epistar company , the largest LED Epi-wafer company in Taiwan, has strong financial condition, good R&D ability, high production yield and advance technology, but the Epistar still provided the higher price with about 9% premium to merge the relatively weaker company Epitech.We explained the reasons why Epistar paid the higher price to merge the Epitech by three different dimensions of synergy.
In conclusion, we think the merger price is reasonable, and the Epistar can get some benefits from this M&A, and we believe this M&A is helpful for Epistar to create more competitive and prospective future.
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吳青松 |
author_facet |
吳青松 Fang-Kuo Li 黎方國 |
author |
Fang-Kuo Li 黎方國 |
spellingShingle |
Fang-Kuo Li 黎方國 A Case Study on the Valuation of Merger and Acquisition of Taiwanese LED Company-Epistar Company Mergerd Epitech Company |
author_sort |
Fang-Kuo Li |
title |
A Case Study on the Valuation of Merger and Acquisition of Taiwanese LED Company-Epistar Company Mergerd Epitech Company |
title_short |
A Case Study on the Valuation of Merger and Acquisition of Taiwanese LED Company-Epistar Company Mergerd Epitech Company |
title_full |
A Case Study on the Valuation of Merger and Acquisition of Taiwanese LED Company-Epistar Company Mergerd Epitech Company |
title_fullStr |
A Case Study on the Valuation of Merger and Acquisition of Taiwanese LED Company-Epistar Company Mergerd Epitech Company |
title_full_unstemmed |
A Case Study on the Valuation of Merger and Acquisition of Taiwanese LED Company-Epistar Company Mergerd Epitech Company |
title_sort |
case study on the valuation of merger and acquisition of taiwanese led company-epistar company mergerd epitech company |
publishDate |
2008 |
url |
http://ndltd.ncl.edu.tw/handle/76812248450373899778 |
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