個案的收購公司PVI是台灣首家TFT-LCD專業製造公司，專注於中小尺寸面板，其TFT-LCD 2.5代為較低階產品，致最近幾年虧損，為避免無止盡資本支出的死胡同而有類似同業奇美電被併入鴻海之窘況，於是開拓藍海，逐漸轉型為電子紙顯示器廠商。
2008年全球金融風暴，公司倒閉或經營困難者甚多。標的公司美國電子墨水製造商E Ink在當時虧損且亦有籌資上的困難。E Ink承襲美國麻省理工學院技術，屬新興科技技術開發公司。
2009年PVI洞燭先機地利用此一全球金融風暴的併購契機，掌握上游關鍵技術、專利及原料，以期提升獲利能力。
本併購案特點為大型併購案，總併購價值約3.2億美元；籌資來源多樣化，綜合運用現金增資發行普通股、海外存託憑證(GDR) 、可轉換公司債(CB)及甲種、乙種、丙種、丁種可轉換特別股；運用併購美國高科技公司常用之租稅規劃；併購模式採倒三角合併；投資架構設計作三階段調整；併購對價有部份現金、部份股權及部份債權；併購價格評估採Discounted free cash flow (DCF)。
本研究採個案方式進行，介紹個案公司、電子紙顯示器產業概況，探討併購規劃、增補併購契約之設計及財務策略。

The purpose of this case study is to explore the financial strategies of Prime View Corporation Limited (PVI), a leading TFT-LCD manufacturing firm listed on the Taiwan Stock Exchange, for acquiring E Ink Corporation (E Ink), an American high-tech firm powered by the Massachusetts Institute of Technology (MIT) and specializing in electronic paper ink used for electronic paper display (EPD). PVI’s TFT-LCD 2.5 generation facilities produce low end products, and PVI has experienced losses for the past few years. E Ink has been the monopolistic supplier of electronic paper ink not just for PVI but for all PVI-like firms, but both companies have the same financial difficulties during the 2008 subprime crisis. In order to avoid further financial rundown and adopt the “Blue Ocean” strategy, management of PVI makes a bold decision to acquire E Ink to enter the EPD market.
The financial strategies of PVI to merge and acquire E Ink are unique and unprecedented partly because the size of US$324 million paid for this acquisition is tremendous, compared to the capitalization of about US$300 million for PVI and partly because PVI utilizes various complicated financing tools, including cash payments, common shares, global deposit receipts (GDR), convertible corporate bonds (CB), and convertible preferred stocks, which are sliced equally into 4 tranches and convertible based on 4 different-level share prices of PVI. In addition, tax shield planning and regulations of Internal Revenue Code (IRC) on the reverse subsidiary merger like the PVI - E Inc case increase the case’s complexity.
In sum, the analysis of the PVI financial strategies in this case study proceeds in three steps. First, we begin with the stage of negotiations and signing contracts between PVI and E Ink. Second, as the EPD market picks up after the first stage, E Ink reserves the re-negotiation option to raise its price for this transaction. And finally, PVI and E Ink both agree upon the value of US$324 million estimated by Polaris Securities Co. Ltd. with the model of discounted free cash flow (DCF) and implement this transaction successfully in December 2009.

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