毒丸计划：新浪反盛大收购案PPT格式课件下载.ppt

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.