Probe into the law of premium acquisition from the 12 premium acquisition

Although it is often said that mergers and acquisitions tide, but also do not want to buy can buy, the cost of mergers and acquisitions need to consider. Perhaps the world really difficult nouveau riche, sometimes broke the acquisition of "premium" high, stunning surprise tongue!

Let's look at the rules behind the classic cases of premium acquisitions.

NO.1 Lehman photoelectric acquisition technology

Lehman shares announced on the afternoon of October 8, 2015, the company issued shares and pay cash to buy assets and raise matching funds matters obtained by the China Securities Regulatory Commission mergers and acquisitions Audit Committee unconditionally. The matter for the purchase of shares of Lehman shares to enjoy 100% of the technology, the transaction price of $230 million.

Extension of science and technology as of April 2015 net assets of 18 million 530 thousand yuan, the acquisition premium of 11 times. Shenzhen city extension enjoy science and technology limited company is a set of LED application products research and development, production and sales as one of the high-tech companies, the main products for the LED lamp, LED panel lights, LED floodlights, LED downlight and other four categories of products, mainly used in indoor commercial lighting, about 80% of export sales, ca. 20% for domestic sales, the products are exported to Europe and the Americas region.

NO.2 wind energy acquisition of clean energy photovoltaic

In May 21, 2015, the wind clean energy announced the acquisition of latticepower 59% issued share capital of a stock purchase agreement and ESOP purchase agreement, the acquisition cost of about 2 billion 40 million yuan, will be 5.2 yuan per share to the seller the full payment way of placement of new shares. The cost of shares includes about 392 million shares, equivalent to the wind clean enlarged issued share capital of about 11.29% per placing price than the last closing price premium of approximately 4.42%.

It is understood that the crystal energy of the largest hand holding the king card is the world's exclusive silicon substrate GAN technology, the technology and sapphire substrate technology LED has obvious cost advantage.

NO.3 Jinsha River venture acquisition PHILPS lighting Lumileds

In March 31, 2015, the Jinsha River venture announced by the "GO Scale Capital" (joint venture capital and Jinsha River oak Investment Partners Fund) led foreign consortium to support the Asia Pacific Resources Development Investment Limited and the Nanchang Industrial Holdings Limited under the fund mergers and acquisitions, the successful acquisition of shares 80.1% Lumileds lighting company owned by PHILPS and PHILPS retains the remaining 19.9% of the shares.

Statistics show that in August 2005, Royal Dutch Philips Electronics Ltd to $950 million acquisition of the United States, the United States and the light of the company's Lumileds shares of 47%. Between ten years, the number of 950 million, ignoring inflation, excluding self earned income, or about 3.47 times the price rise of about $3 billion 300 million.

NO.4's acquisition of laford cultural and Jin Lixiang

In January 4, 2015, Riyadh released a major asset restructuring plan, the company intends to merge laford cultural and Jin Lixiang 100% stake and raise matching funds. Trading program shows that 100% of the shares of the culture and culture to determine the price of $647 million yuan, Jin Lixiang shares of $100% valuation of $243 million.

Public information, Li Feng culture was founded in 1997, is a high-end cultural performing arts equipment R & D and production and sales provider. Jin Lixiang was founded in 2005, as the LED stage service providers and LED equipment rental providers. Jin Lixiang is bogged down in the quagmire of loss difficult to extricate, culture and cultural performance is relatively dull. It shares investors have said: "the acquisition of the assets of the profit is so low, spend so much money, money is not terrible ah. "

NO.5 audio acquisition of Beijing Shenan group

In July 29, 2014, audio announcement that the company intends to spend 1 billion 590 million yuan to buy 100% stake in Beijing Shenan group. Statistics show that Beijing Shenan Investment Group Co., Ltd. is a private high-tech enterprise in a concentrated juice, juice beverage, bio pharmaceutical engineering, landscape lighting engineering, steel structure engineering, real estate development, landscape engineering, Se biological engineering industry as one of the eight.

The acquisition price is relatively high market concern. As of May 31, 2014, the audit of the subject matter of the transaction attributable to the parent company's net assets of 413 million yuan, to assess the value of $1 billion 593 million, to assess the appreciation rate of 285.45%.

NO.6 rectangular lighting acquisition Kang Mingsheng

The evening of June 19, 2014, rectangular lighting restructuring plan released, the company intends to issue shares and cash acquisition of Shenzhen Kang Ming Sheng Industrial Co., Ltd. 60% stake and raise matching funds. After the completion of the transaction, rectangular lighting will enter the LED mobile lighting applications, broaden the scope of the LED industry chain downstream business applications.

The issuance of shares to acquire assets report plans to issue 36 million 458 thousand and 200 shares to 12.31 yuan private placement price, plus 79 million 200 thousand yuan in cash to acquire 60% stake in Kang Ming Sheng, the total price of up to 528 million yuan, which means that the value of all equity Kang Ming Sheng is as high as 880 million yuan, and by the end of March this year the net assets of less than 100 million Kang Ming Sheng Yuan, is rectangular lighting the acquisition of the assets of the premium level will be up to about 9 times.

Honglitronic smalite acquisition NO.7

The evening of June 9, 2014, honglitronic disclosure, the company intends to combine through the issuance of shares and cash to buy the way, Shenzhen smalite optoelectronics Co., 100% of the total equity. It is worth noting that, using the income method and asset based assessment method, as of the valuation date March 31, 2014, 100% equity Ismail was to assess the value of 1.7989.14 billion yuan, compared with the benchmark Nikkei audit equity attributable to owners of the parent 43 million 530 thousand and 300 yuan to assess the value of 1.3636.11 billion yuan revaluation rate of 313.26%, which is 3 times the premium