紫光捲入臺灣半導體行業收購混戰
HONG KONG — Advanced Semiconductor Engineering, a Taiwanese company that assembles and tests chips, is not giving up its multibillion-dollar pursuit of its local competitor, Siliconware Precision Industries.
香港——臺灣芯片封裝測試企業日月光半導體公司意欲斥資數十億美元收購本地競爭對手矽品精密工業的股份。它並不打算放棄這一行動。
It made an offer to buy the three-quarters of Siliconware Precision Industries, or SPIL, that it did not own for about 129 billion Taiwanese dollars, or about $3.9 billion, on Monday after the markets closed. The proposal came just after SPIL announced on Friday that it had formed a strategic alliance with Tsinghua Unigroup, China’s top chip maker. That deal involved an investment of about $1.7 billion from the Chinese state-owned company.
本週一股市收盤之後，日月光提出以1290億新臺幣的價格收購它尚未擁有的矽品另外四分之三的股份。矽品上週五纔剛剛宣佈與紫光集團建立了策略聯盟，涉及金額約17億美元的投資。紫光集團是中國最大的芯片生產商之一，爲國有企業。
On Tuesday, shares in ASE were up 2.5 percent, to 34.25 Taiwanese dollars, while SPIL jumped 4.5 percent to 50.10 Taiwanese dollars.
週二的時候，日月光股價上漲2.5%，至每股34.25新臺幣，而矽品飆升4.5%，至每股50.10新臺幣。
Advanced Semiconductor Engineering, or ASE, first approached SPIL in August with an offer to buy 25 percent of its shares. The board of SPIL regarded the offer as hostile and said the price was too low, but shareholders accepted it anyway.
今年8月，日月光首次向矽品提出收購其25%的股份。矽品董事會認爲此舉充滿敵意，稱其出價太低，但股東們還是接受了提議。
It has since been ducking further approaches from ASE by trying to set up a share exchange with Foxconn, the electronics manufacturer, a plan that was rejected by shareholders. The deal with Tsinghua Unigroup marked SPIL’s latest maneuver.
此後，爲了迴避日月光的進一步行動，矽品試圖與電子產品生產商富士康進行股權置換，但這個計劃遭到了股東的否決。與紫光集團的這筆交易是矽品採取的最新動作。
Along the way, SPIL has had strong words for its suitor. The company even filed a lawsuit against ASE, asking a court to confirm that it does not have the right to request registration as a shareholder.
在此期間，矽品一直對日月光態度強硬。它甚至起訴過日月光，要求法院確認日月光沒有權利要求自己將其登記爲股東。
It also issued a statement before an extraordinary shareholders meeting in October, which referred to “double standards and double crossing plays obvious to all,” and said ASE had “ambushed” the company with its tender offer. Explaining the company’s wariness of ASE, the statement said: “Looking at past hostile takeover precedents, the outcomes were all disheartening, with no one benefiting, but rather being harmed. The company sincerely warns that a company that plunders the hard-earned results of another will not become an everlasting enterprise.”
在今年10月舉行的一次臨時股東大會之前，矽品還發表聲明稱日月光“雙重標準及雙面手法衆人皆知”，並稱其用收購要約來“突襲”自己。在解釋爲什麼它對日月光抱有戒心時，矽品在聲明中說：“證諸國內過去敵意併購之案例，結局都令人痛心疾首，未見其利，反蒙其害。本公司誠摯呼籲，掠奪他人努力經營成果並無法成就傳世之企業。”
Mike Ma, a spokesman for SPIL, said that if the companies merged, it would reduce competition and increase prices. “We have many other competitors, so from the customer side if two companies merge, it’s less attractive and they give business to other alternatives,” he said. He added that the company could not comment on the latest proposal from ASE because it was still discussing the offer.
矽品發言人馬光華(Mike Ma)表示，如果兩家公司合併，就會減少競爭，提高價格。“我們有很多其他競爭對手，所以從客戶的角度來考慮，兩家公司合併不是什麼好事，他們會把生意轉到其他對手那裏，”他說。他還表示，公司仍在討論日月光的最新收購要約，因此目前還不能置評。
ASE has offered to pay 55 Taiwanese dollars for each SPIL share. The proposal stipulates that SPIL must cancel its arrangement with Tsinghua.
日月光表示願意出價每股55新臺幣收購矽品。這份收購要約規定，矽品必須取消與紫光的計劃。
“We were chagrined to learn that on December 11, 2015, the board of directors of SPIL decided to enter into a share placement agreement with Tsinghua Unigroup Ltd,” it said in a news release, noting that the transaction was “defensive and highly dilutive.”
日月光在新聞稿中表示，“矽品公司董事會更於2015年12月11日決議與紫光簽訂認股協議書”，日月光對此“高度稀釋全體股東權益”且“具反制目的之交易深感遺憾”。
There has been a wave of consolidation in the semiconductor industry in recent years as companies have tried to scale up. In the Asia Pacific region, not including Japan, there has been $31 billion worth of deals in the semiconductor industry this year, compared with $10.6 billion worth in 2014, according to data from Dealogic.
近年來，隨着企業紛紛試圖擴張規模，半導體行業出現了一波整合浪潮。金融信息公司Dealogic的數據顯示，今年以來，不包括日本，亞太地區半導體行業的交易金額達310億美元，而2014年的這個數字爲106億美元。
