毒丸计划:新浪反盛大收购案PPT格式课件下载.ppt
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Astrategyusedbycorporationstodiscourageahostiletakeoverbyanothercompany.Thetargetcompanyattemptstomakeitsstocklessattractivetotheacquirer.TwokindsofPoisonPill:
TwokindsofPoisonPill:
“Flip-inallowsexistingshareholders(excepttheacquirer)tobuymoresharesatadiscount.“Flip-overallowsstockholderstobuytheacquirerssharesatadiscountedpriceafterthemerger.PoisonPillIntroductionPoisonPillIntroductionFlipin(shareholderrightsplan)ThecompanyissuesrightstoexistingshareholdHostileAcquisitionreachestheset%ConverttherightintoalargeamountofsharesDilutesthepercentageofstockonthebiddershandsmakesacquisitionmoreexpensivePoisonPillIntroductionPosionPillisviewedasillegal,orPosionPillisviewedasillegal,orrestraintedinsomecountrieslikerestraintedinsomecountrieslikeCanada,GreatBritain.Canada,GreatBritain.PoisonPillcanbeusedinotherfield:
PoisonPillcanbeusedinotherfield:
SportsandPoliticsSportsandPoliticsPoisonPillIntroductionHistoryofPosionPill:
ThepoisonpillwasinventedbynotedM&
AlawyerMartinLiptonofWachtell,Lipton,Rosen&
Katz,in1982Itwasreportedin2001thatsince1997,foreverycompanywithapoisonpillthatsuccessfullyresistedahostiletakeover,therewere20companieswithpoisonpillsthatacceptedtakeoveroffers.InourcaseSNDAplanedtotakeoverSINABackgrounds:
SNDA:
thelargestOnlineGameCompanyinChina.SINA:
thelargestPortalWebCompanyinChina.MarketValuein2005:
SNDA(2.1B),SINA(1.3B).SNDAwantedtodiversifyitsbusinessmodules.SINAStockStructurewasnotconcentrated.SNDAVSSINAHighlights:
OnFeb.18th2005:
SNDApurchased19.5%CommonStocksofSINA.OnFeb.19th2005:
SINAshowedtherejectedattitudeOnFeb.24th2005:
SINAmadeaPoisonPillPlanforSNDAhostiletakeoverSNDAVSSINASNDAVSSINADetails:
OnFeb.22th2005:
authorizedtheissuanceofRightforeachoutstandingOrdinaryShareatapurchasepriceof$150perRight.EachRight(excepttheacquirer)wouldentitleitsholdertopurchase$300worthofOrdinarySharesfor$150.“Event”:
ifSNDAbuys0.5%ormore.SINAcanredeemtheRightsatapriceof$0.001atanytimeuntil10businessdaysSNDAVSSINAOutcomes:
SNDAstoppedpurchasing.OnNov.6th2006:
SNDAstartedtoselltheOrdinaryShareofSINA,wentdownto11.4%bytheendof2006.SINAdefeatedSNDAhostiletakeoverandkeptbusinessgrowthinChinamarket.1yearslater,CFO(CharlesCao)waspromotedasCEO.DetailedAnalysisDate:
Feb.22,2005SinaStockPrice:
$23.00StockPriceOutstandingSharesMarketValue50%Share$23.0055,521,039$1,276,983,897.00$638,491,948.50SharesValueSNDA10,826,603$249,011,859.92Others44,694,436$1,027,972,037.09Triggered(20%)PriceSharesValueSNDA$23.0011,104,208$255,396,779.40Others$23.0044,416,831$1,021,587,117.60NewStock$11.5044,416,831$510,793,558.80SinaTTLPrice99,937,870$1,787,777,455.80SNDA$17.8911,104,208$198,641,939.53Others$17.8988,833,662$1,589,135,516.27DetailedAnalysis389Mil695MilSNDAneedtopaymore:
695-389=306MilConclusionsAveryusefultoolfordeterringhostiletakeover.Maximizebenefitsfortheexistingshareholders.BeunfairtotheAcquirer.Losetheopportunityforwin-win.