農化產業的進步與發展，造成產量過剩，導致整體農產品價格受到影響，進而抑制種子、除草劑等各種農化產品需求；舊專利即將到期，非專利產品製造商挾低成本優勢虎視眈眈，新專利的研發成本又節節攀高，專注於專利產品的農化六大巨頭紛紛開始整併，Bayer併購Monsanto的價格節節攀高，是基於理性的判斷，又或是不理性的決策。
Monsanto股價被低估，Bayer溢價後的價格僅略高於Monsanto本身的企業價值，雖仍有綜效產生，但所占比例相對低，因此推論Bayer主要目的為逢低買進Monsanto，並非一味追高價格。
這份研究發現，在市場頻繁有併購活動，且因併購邀約失敗導致負債權益比攀高，可以透過提出收購邀約，在反轉併購時，取得條件上的優勢。Monsanto因併購Syngenta而預先調整資本結構，無奈最終破局，雖有能力可以併購他方，但也容易因資本結構失衡被視為併購標的，透過主動向Bayer提出部門收購邀約，在反轉併購時，能取得相對優渥的條件。本研究可以作為企業被視為併購標的的談判策略參考。
The progress and development of the agrochemical industry has resulted in overproduction which has affected the overall prices of agricultural products, thereby inhibiting the demand for agrochemical products. As old patents are about to expire, generic product manufacturers with low-cost advantages get ready to produce. Moreover, the research and development costs of new patents are getting higher and higher. The six major agrochemical giants, which focus on patented products, have begun to merge. The price of Bayer’s acquisition of Monsanto has been rising, based on rational judgments or irrational decisions.
Monsanto's stock price is undervalued. The price of Bayer's premium is only slightly higher than Monsanto's own corporate value. Although there is still synergy, the proportion is relatively low. Therefore, it is inferred that Bayer's main purpose is to buy Monsanto on dips, not blindly chasing highs. price.
Enterprise can obtain conditional advantage in reversing mergers and acquisitions through submitting merger invitation at first when the market is actively having merger event, and the failure of offer for merger leads to higher debt-to-equity ratio. Monsanto adjusted its capital structure in advance due to its acquisition of Syngenta, but finally broke the situation. Although it has the ability to acquire other parties, it is also easy to be regarded as the target of acquisition due to the imbalance of the capital structure. By actively submitting a departmental acquisition invitation to Bayer, it can obtain relatively favorable conditions. This study can be used as a reference for the negotiation strategy of companies that are regarded as the target of merger.
1. 林麗雪（譯）（民 108）。基改之王：孟山都的遺產：因為基改種子賺大錢的除草劑、腐敗的科學，以及孟山都操縱政府炮製的致命謊言（原作者：Carey Gillam）。新北市：光現出版。（原著出版年： 2017）
Google Scholar
2. 施能惇（民 101）。企業競爭力分析-以S公司為例（碩士論文）。取自 http://ir.lib.nchu.edu.tw/bitstream/11455/24120/1/nchu-101-5099027047-1.pdf
Google Scholar
3. 蔣士棋（民 105年 10 月 13 日）。拜耳吃下孟山都，農化產業重新洗牌。北美智權報。取自 https://paper.udn.com/udnpaper/POB0009/303876/web/#2L-8026293L
Google Scholar
4. 鄭傑憶（民 106 年 4 月 21 日）。公審孟山都 判決四項有罪！生態屠殺、危害環境、健康與食物權，威脅科學獨立性。上下游News&Market。取自 https://www.newsmarket.com.tw/blog/94359/
Google Scholar
5. 鄭傑憶（民 106 年 4 月 7 日）。【餐桌下的交易】中國晉身全球農化巨頭 中國化工收購先正達 三大集團 控制全球七成市場。上下游News&Market。取自 https://www.newsmarket.com.tw/blog/93891/
Google Scholar
林宜良（2019）。
企業併購策略之探討以艾司摩爾併購漢民微測為例
〔碩士論文，國立清華大學〕。華藝線上圖書館。https://www.airitilibrary.com/Article/Detail?DocID=U0016-0206202016152210
陶志朋（2022）。
企業併購案例分析：以富邦金併購日盛金為例
〔碩士論文，國立政治大學〕。華藝線上圖書館。https://doi.org/10.6814/NCCU202200685
顏慧明、黃汝芸、林思妤、辛宜嘉（2015）。
企業購併之個案研究－以元太購併E Ink為例
。
管理資訊計算
，
4
(1)，16-27。https://doi.org/10.6285/MIC.4(1).02
歐博翔（2009）。
Toward a Transnational Regulatory Model of Technology ─ in Light of EU GMO Laws
〔碩士論文，國立臺灣大學〕。華藝線上圖書館。https://doi.org/10.6342/NTU.2009.00387
Teng, P. P. (2008).
An Asian Perspective on GMO and Biotechnology Issues
.
Asia Pacific Journal of Clinical Nutrition
,
17
(S1), 237-240. https://doi.org/10.6133/apjcn.2008.17.s1.56
