紫光有意锐迪科无情，合并案仍悬而未决

根据中国半导体产业界的数个消息来源，中国两大IC设计公司──展讯(Spreadtrum Communications)与锐迪科(RDA Microelectronics)──合并案，仍然是悬而未决；这两家公司在去年先后被具中国官方色彩的投资机构紫光集团(Tsinghua Unigroup)收购。 展 讯与锐迪科可说是中国最成功的两家无晶圆厂IC设计公司，在数年前就都已经在美国纳斯达克股市首度公开上市(IPO)。而由于收购了这两家公司的紫光集 团，有51%股份是北京清华大学旗下的国营企业清华控股(Tsinghua Holdings)所有，展讯与锐迪科若是真的合并，将诞生一家足以与台湾手机芯片大厂联发科(MediaTek)匹敌的全新中国本土IC供货商。 只 是业界消息指出，紫光集团收购案在过去几个月来引发了锐迪科员工的强烈反弹；据了解，锐迪科董事长暨首席执行官戴保家(Vincent Tai)就因为反对该收购计划，在去年被公司董事会解雇。一位匿名锐迪科资深主管日前对EETimes美国版编辑透露：“我们希望Vincent能回来。”而他显然并非是唯一有这种想法的人。 有数个产业消息来源、包括锐迪科内部与外部人士都指出，锐迪科与展讯两家公司的企业文化有很大差异，合并将会很困难；此外那些消息来源也指出，紫光集团是希望藉由收购两家公司、再将两家公司合并之后的新企业公开上市来快速获利，应该更了解这一点。 与更具灵活性与自由精神的锐迪科相较，展讯是一家规模较大的企业，后者的工程师被形容为是在一个受到高度控管、机械化的环境下工作；锐迪科是中国的RF芯片领导厂商，展讯则是在中国本土3G标准TD-SCDMA基频芯片市场称王。 此外据中国当地消息来源透露，上海与北京两座城市之间的角力也在这两家公司的合并案幕后扮演黑手；上海是一座比北京更富裕的城市，每年缴交给中国中央政府的税金庞大，而本来上海的浦东科技投资有限公司(Pudong Science and Technology Investment)在去年9月求购锐迪科，不过半路杀出紫光集团以更高的价格将锐迪科买到手。 这对浦东科技投资有限公司来说是重大打击，眼睁睁地看着从北京来的对手跑到自家后院来搜括走了两家IC设计大厂。 其实紫光集团收购锐迪科是未定案？ 有 几个上海当地消息来源指出，其实紫光集团收购锐迪科并没有得到中国政府的许可，也就是说，紫光集团想合并展讯与锐迪科，还得先让锐迪科收购案通过中国国家发展和改革委员会(National Development and Reform Commission of China)的审查。 上述锐迪科资深主管表示：“没有通过政府的审查，一切就不会定案；”而他也坦承，对未来的不确定将会影响公司客户，也会让员工士气受到打击。从锐迪科在去年12月发布的数则新闻稿，也可看出该公司想不顾一切拒绝被紫光集团收购，却又无力抵抗的无奈── 在一篇去年12月4日发布的“锐迪科响应特定媒体对与紫光集团之未决合并案相关报导”新闻稿中，锐迪科表示：“我们一直针对完成收购所需的主管机关批准程序，与紫光集团维持密切讨论，根据合并协议提供所需协助与信息。” 新闻稿并指出，锐迪科与紫光集团将继续相互合作，以取得完成收购所需的相关批文；而该公司也从紫光集团获得信息，该案可望获得中国国家发展和改革委员会审查 通过。接着另一篇在12月20日发布的新闻稿，由于中国中央政府主管机关的批准要求有所放宽，锐迪科与紫光集团已经针对合并协议做了修改。 不过直到现在，中国政府主管机关的批文都还没下来。 在今年稍早，一篇Deal Reporter的报导指出，根据知晓内情的消息来源透露，中国国家发展与改革委员会(NDRC)对最早出价求购锐迪科的上海浦东科技投资有限公司提案都还没过审查期限，不太可能会先批准紫光集团对锐迪科的收购案。 虽然锐迪科的股东大会已经在去年底投票通过该收购案，但NDRC这一关显然还不一定过得去，结果如何让我们拭目以待。 本文授权编译自EE Times，版权所有，谢绝转载 编译：Judith Cheng 参考英文原文：Battle Over Spreadtrum/RDA Merger ，by Junko Yoshida

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{pagination} Battle Over Spreadtrum/RDA Merger Junko Yoshida, Chief International Correspondent The merger is not a given SHANGHAI, China — The pending merger of two Shanghai-based fabless companies -- Spreadtrum Communications and RDA Microelectronics -- through two separate acquisitions pulled off by Tsinghua Unigroup is "not a done deal," according to several industry sources here. China's two most successful fabless chip companies went IPO on Nasdaq several years ago. Since 51 percent of Tsinghua Unigroup is owned by Tsinghua Holdings, a 100 percent state-owned limited liability corporation funded by Tsinghua University, the Spreadtrum/RDA merger is expected to deliver a new, state-owned, consolidated entity that might become powerful enough to compete with Taiwan's MediaTek. However, over the last few months, the proposed deal has triggered raw emotions and turmoil among RDA employees who object to it. Chairman and CEO Vincent Tai, who reportedly resisted the Tsinghua Unigroup's acquisition plan, was fired by the RDA board late last year. One senior executive at RDA told EE Times Thursday, "We want Vincent back." Clearly, he isn't alone with that sentiment. Several sources in the industry -- both inside and outside RDA -- point out that the huge cultural differences between RDA and Spreadtrum will make it tough to run the merged company effectively. And they say that Tsinghua Unigroup, whose purpose in acquiring the two companies is to make money by quickly making the consolidated entity go public in China, should know better. Cultural difference Compared to the more agile and free-spirited RDA, Spreadtrum is a much bigger corporation where engineers are known to be highly regimented, working in a modern "feeding" machine-like environment. RDA is China's RF IC leader, while Spreadtrum has grown big by leading China's home-grown TD-SCDMA baseband market. Also brewing behind the scenes is an on-going feud between Shanghai and Beijing, according to several local sources. Shanghai, a much richer city than Beijing, pays a heavy tax levy to China's central government. It was originally the Shanghai Pudong Science and Technology Investment Co. that proposed, last September, to buy RDA. The deal, however, fizzled when Tsinghua Unigroup barged in and proposed to buy RDA at a higher price. It was a huge blow to the Shanghai-based investment firm. It had to watch the Beijing-based company come into its own backyard to sweep up the two most successful fabless companies in Shanghai. No pre-clearance Several industry sources in Shanghai pointed out that Tsinghua Unigroup acquired RDA without a permit from China's central government. More specifically, Tsinghua Unigroup, at this point, still lacks pre-clearance for the merger from the National Development and Reform Commission of China. The RDA senior executive told EE Times, "Without pre-clearance from the government, this deal is not done." He acknowledged that uncertainty about the future is doing damage to customers and to the morale of employees. Indeed, a number of press releases RDA had to put out in last December alone speak volumes about both the company's desperation to put the proposed acquisition news behind it and its inability to do so. In a press release titled "RDA Microelectronics Responds to Certain Media Reports on the Pending Merger With Tsinghua Unigroup," issued December 4, RDA said: We have been maintaining close discussions with Tsinghua Unigroup regarding the regulatory approvals required to complete the Merger, and have provided Tsinghua Unigroup with assistance and information in such regard in compliance with the Merger Agreement. We and Tsinghua Unigroup will continue to cooperate with each other in obtaining the relevant approvals that are required for the consummation of the Merger. We also understand from Tsinghua Unigroup that it is on track to obtain the pre-clearance of the Merger from the National Development and Reform Commission of China. In a subsequent press release issued on Dec. 20, RDA said that Tsinghua Unigroup and RDA Microelectronics had amended the merger agreement due to relaxation of certain PRC regulatory approval requirements. However, as of today, the PRC regulatory approval is still not here. Earlier this year, Deal Reporter reported: China's National Development and Reform Commission (NDRC) is unlikely to grant Tsinghua Unigroup pre-clearance for its proposed bid for RDA Microelectronics prior to the expiry of an outstanding approval that was first given to rival bidder Shanghai Pudong Science and Technology Investment, a source close to NDRC told this news service. While RDA's shareholders late last year voted to approve the deal, the NDRC's votes, obviously, are not all in. Stay tuned to this channel.