|Abstract: ||在行動APP(Application)產業，這樣一個競爭激烈且汰換速度快的環境中，多數創業家因自有資金不足而選擇接受併購，本研究相信仍有少數創業家拒絕被併購，如文中所提及 Snapchat創辦人Evan Spiegel拒絕Facebook、WhatsApp拒絕Google以及Twitch創辦人Kevin Lin拒絕Youtube卻接受Amazon等案例，可見價格並非考量接受或拒絕併購之唯一因素。|
In the competitive and fast-growing environment, such as the application industry, most entrepreneurs accept the M&A offers because their financial resources are insufficient. However, there were few entrepreneurs, such as Evan Spiegel from Snapchat, Kevin Lin from Twitch, refused to being merged by the higher-price bidder.
From the view of the entrepreneurs of the acquired companies, I conducted a multiple case study, secondary data analyses and expert interviews on three cases of Gogolook, Snapchat, and Cardinal Blue, to discuss their reasons to accept or refuse and M&A offer. This research found three reasons of the entrepreneurs to accept an M&A offer: i) insufficient financial resource; ii) other venture opportunities; iii) the higher fitness between the acquiring company and the acquired company. Contrastingly, two reasons to refuse and M&A offer were identified: i) persistence of the entrepreneurial motivations, likes achievement; ii) the lower fitness between the acquiring company and the acquired company, including three dimensions of management capabilities, product scope, and organizational culture.
This research has drawn two major conclusions. First, entrepreneurs tend to consider other strategic factors than the bidding price; none of the entrepreneurs in this research claimed that price is the main reason to accept or refuse M&A offers. Second, entrepreneurs may change their decision to accept or reject based on their strategic position, either entrepreneurs or company position. In addition to the one-time price of M&A, it is recommended for both of the acquiring company and the acquired company to consider their strategic fitness in order to enhance their long-term competitive advantage.