由於預先持股策略( Toehold Strategy )有著財務與資訊上的優勢特性，可進而提升併購成功機率，故此策略常用於企業併購之中。惟近年此策略之使用率下降，故本研究以個案研究與半結構式訪談之方式，探討此策略於實務運用時，應給予之特別注意有何。有別於過往文獻，本研究發現「建立溝通橋樑」亦為企業採用預先持股策略的動機之一；此外，我們提出了在「取得優勢資訊」、「降低收購成本」及「建立溝通橋樑」三種不同策略使用動機之下，企業可參照之基本使用準則，協助其在收購過程中能對此策略有更為全面之掌握。

We use case study method with the semi-structure interview method to study Toehold, a strategy with numerous benefits and it can increase the probability of completing a successful M&A deal. Different from the literature, we found that “Building a communication bridge” could also be the reasons that acquirers conducting the Toehold strategy. We further propose three basic guidelines to the companies which are willing to adapt the Toehold strategy to help them better understand the comprehensive consideration while engaging in M&A deals.

Contents
I. Introduction 1
1-1. Research background 1
1-2. Research motivation 3
1-3. Research purpose 5
II. Literature review 6
2-1. Benefits of using Toehold strategy 6
2-2. Concerns of using Toehold strategy 11
2-3. Others related field 12
2-4. A Completed Toehold Case 14
III. Research Design and Methodology 15
3-1. Case study method 15
3-2. Research design 16
3-3. Methodology 19
IV. Results 21
4-1. Research execution 21
4-2. Details of the deal 24
4-3. Questions replied and discussion 27
4-4. Basic guidelines for Toehold strategy 35
V. Conclusion 39
5-1. Conclusions 39
5-2. Suggestions 40
References 42
Appendices 44
Appendix A - Invitation letters and interview guides 44
Appendix B – Financial Statement 46
Appendix C - Transcript of the interview 48
Appendix C - Follow-up email 58
Figure Index
Figure 1 10-year global deal volume & value trend 1
Figure 2 the using rate of Toehold strategy 4
Figure 3 case selection in sample period 22
Figure 4 the transaction structure of deal 25
Table Index
Table 1 the details of interview 23

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