課程資訊
課程名稱
國際併購策略
International Merger and Acquisition Strategy 
開課學期
101-1 
授課對象
管理學院  國際企業學研究所  
授課教師
吳青松 
課號
IB7020 
課程識別碼
724 M0490 
班次
 
學分
全/半年
半年 
必/選修
選修 
上課時間
星期三6,7,8(13:20~16:20) 
上課地點
管一203 
備註
限碩士班以上
總人數上限:50人 
Ceiba 課程網頁
http://ceiba.ntu.edu.tw/1011MA 
課程簡介影片
 
核心能力關聯
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課程概述

Merger and acquisition activity is running at a feverish pace in the US, abroad, and across national boundaries. As industries continue to consolidate and globalize, mergers and acquisitions will remain at a high level, if not accelerate. This course combines financial, legal and governance perspectives in order to more fully understand the process and objectives of mergers and acquisitions. Finance theory is centrally important to understanding business objectives, tax considerations, securities laws, and governance implications in change of control transactions. A sound understanding of the transactional
process in mergers and acquisitions requires a fundamental ability to apply the concepts of finance theory to important topics such as target valuation, takeover motives, takeover financing, managerial entrenchment, takeover defenses, takeover tactics and pricing, cross-border-issues, and antitrust questions.
In mergers, acquisitions, the devil is in the details—accurately assessing the value of the deal, managing the complex process of bringing it to a close, and then making the combined business work. The success of a merger or
acquisition lies in your ability to get your hands around the very slippery issues of valuation, risk, integration, and understanding your downside exposure.
Through a series of discussions and real-life case studies, the managerial, economic, and financial bases for mergers, acquisitions will be examined in the course. Methods for determining a company’s value, risk, and the price that should be offered for the selected target are explored in details.

Student will understand the reasons why acquisitions succeed and fail. They will also experience in working through potential deals from start to finish, including information gathering, negotiations, and the due diligence
process in the final team project.

In sum, the major goals of the course are :
1. to foster strategic thinking and perspective. For most issues there are no right "answers”, only reasoned judgment
 

課程目標
本課程涵蓋近幾年來國際企業在公司併購、接管、重組和公司治理等議題上的重要主題,亦包含策略價值評價、資金成本和組織整合規劃的討論。本課程將討論併購策略如何與公司長期策略緊密配合,以及重組如何開啟公司內部的價值;亦同時探討一些規劃用來提高公司價值的策略,例如:合資企業與策略聯盟、股份購回和國際併購策略。本課程亦提供選擇併購策略的指導原則,可強化公司組織或增加其價值。 
課程要求
Term Project:

At the beginning of the semester, students will form groups-- consisting of five to seven students per group--to follow assigned cases and readings listed in the syllabus.
Each group will choose a public traded company in Taiwan as an acquiring corporate entity. The team will engage in a term project drafting a proposal to acquire or merge with other public traded companies of their choosing.
The paper shall contain relevant and concrete information on strategic rationale, financial valuation, and estimation of potential synergies of the transaction. The term project will be presented during the two final sessions in the course. The paper will provide students the opportunity to gain an in-depth and hand-o n knowledge of the topics that have been discussed in the class.
 
預期每週課後學習時數
 
Office Hours
 
參考書目
1. Krishna G. Palepu, Paul M. Healy, and Victor L Bernard, Business Analysis and Valuation: Using Financial Statements, Text and Cases, 3rd edition, South-Western College, 2003
2. 合併與收購,哈佛商業評論,克雷等著,李田樹譯,天下文化,2002.
 
指定閱讀
1. 企業併購與重組,Weston/Siu/Johnson 原著 (3E, 2001),吳青松譯,雙葉書廊, 2004出版。
2. 或J. F. Weston, Juan A. Siu, and Brian Johnson (WSJ), “Takeovers, Restructuring, and Corporate Governance”, 4th Edition, Prentice Hall, 2003.
 
評量方式
(僅供參考)
 
No.
項目
百分比
說明
1. 
Case Discussion 
40% 
 
2. 
Class Participation 
20% 
 
3. 
Team Project 
40% 
 
 
課程進度
週次
日期
單元主題
第1週
9/12  A. Introductory Discussion <br>
B. An Overview of Business Strategies
 
第2週
9/19  A. Current and Historical perspectives <br>
WSJ, Ch. 1, 7 <br>
Reading: Deal making in the 2007-Is the M&A boom over? McKinsey Quarterly, Winter 2008. <br>
Video: Barbarians at the Gate
 
第3週
9/26  A. Theories of M&A <br>
B. The Takeover Process <br>
C. Strategic Planning for M&A <br>
WSJ, Ch. 5, 6 <br>
Reading: <br>
1. Habits of the busiest acquirers, McKinsey Quarterly, Summer 2006. <br>
2. Creating New Growth Platforms, Donald L. Laurie, Yves L. Doz, and Claude P. Sheer, Harvard Business Review May, 2006, Vol. 84 Issue 5, p80-90
 
第4週
10/03  Case #1: "Hewlett-Packard-Compaq: The Merger Decision"<br>
Case Questions:<br>
1. What was the primary motivation for HP’s search for a merger/acquisition partner?<br>
2. What is the nature of the strategic relatedness or economies of scope that lead HP and Compaq’s management, boards of directors and shareholders to approve the merger?<br>
3. What would you recommend that HP-Compaq do to make the merger successful?
 
第5週
10/10  國慶日 
第6週
10/17  A. Methods of valuation: <br>
Topic: The Right Stuff: Cutting Edge Applications in Corporate Finance
 
第7週
10/24  A. Deal Structures: Forms of Consideration<br>
WSJ, Ch. 11, 12, <br>
Reading: Where Merger go wrong, McKinsey Quarterly, No. 2, 2004.
 
第8週
10/31  A. Methods of valuation: High-tech Valuation, Consumer Goods Industry valuation<br>
WSJ, Ch. 9, 10<br>
Case #2: "Interco"<br>
Case Question:<br>
1. Assess Interco’s financial performance. Why is the company a target of a hostile takeover attempt?<br>
2. As a member of Interco’s board are you persuaded by the premiums paid analysis (Exhibit 10) and the comparable<br>
3. How would you advise the Interco board on the $70 per share offer?
 
第9週
11/07  A. The Legal and Regulatory Framework <br>
WSJ, Ch. 2<br>
Case #3: "Merger of Equals: The Integration of Mellon Financial and The Bank of New York (A)(B)"
 
第10週
11/14  A. Methods of valuation: Financial Service Valuation, E-Commerce <br>
WSJ, Ch. 9, 10
 
第11週
11/21  A. Determination of Exchange Ratio 
第12週
11/28  A. Corporate Restructuring <br>
WSJ, Ch. 4, 13 <br>
Case #4: "Handspring and Palm, Inc: A Corporate Drama in Five Acts”<br>
1. Given Handspring’s position in early 2003, both financial and in the marketplace, how would you tweak the product development model (i. e. internal vs. out-source the various functions or product pieces) to be able to deliver the next generation Treo? <br>
2. Identify any risks that your plan may introduce. Also mention any other operational ideas beyond the scope of the product development function that you think might help Handspring weather this financial storm.
 
第13週
12/05  A. Takeover Defense <br>
WSJ, Ch. 18, 19
 
第14週
12/12  A. International M&A <br>
WSJ, Ch. 17 <br>
Reading: <br>
1. China’s track record in M&A, McKinsey Quarterly, No. 3, 2008. <br>
2. International acquisition and other growth strategies: Some lessons from the food and drink industry, Richard Lynch, Thunderbird International Business Review Volume: 48, Issue: 5, 2006, pp. 605-622
 
第15週
12/19  A. Post-merger Integration <br>
WSJ, Ch. 20, 21 <br>
Reading: <br>
1. Merging Brands after Mergers, Kunal Basu, California Management Review, 2006, Volume:48, Issue: 4, pp. 28-40 <br>
2. Managing the Strategic Dynamics of Acquisition Integration: Lesson From HP and Compaq, Robert A. Burgelman, and Webb McKinney, California Management Review, 2006, Volume:48, Issue: 3, pp. 6-27 <br>
Case #5: "Comcast Corporation's Merger With AT&T Broadband ” <br>
Case Questions: <br>
1. How government legislation can affect the competitive dynamics of an industry? <br>
2. What the difficulties companies face in integrating senior-management teams with different management styles and companies with different cultures? <br>
3. How these two firms integrating complementary products with low opportunity to cross-sell and achieve cost savings, and establish "success metrics" for a defensive acquisition <br>
4. How integration activities can send signals across a corporation?
 
第16週
12/26  Team Project Presentation/Submission 
第17週
1/02  Team Project Presentation/Submission