Palm Fun technology 2.5 billion mergers and acquisitions company 28 times times premium citation question

After three months of suspension, palm-fun technology finally announced assets reorganization Draft. The palm of the fun technology to buy 1.739 billion yuan to play crab technology 100% stake, and to use 814 million yuan to acquire upstream information 70% Equity, the total amount of mergers and acquisitions reached 2.553 billion yuan.

It is noteworthy that the palm of the technology acquisition of two companies to assess the value-added rate of 28 times times. Playing crab technology evaluation value of 1.743 billion yuan, value-added rate of 28.12 times times; The upstream information total evaluation value is 1.228 billion yuan, the value added rate is as high as 38 times times.

The announcement shows that the palm of technology this merger to issue shares and pay cash in a combination of the way, which play crab science and technology 767.6 million yuan on the price and upstream information 46,514.290,000, a total of 123,274 290,000 yuan will be paid in cash; 257,100 yuan on the price will be the palm of the interest of technology non-public offerings, the price of 19.83 yuan/share.

Palm technology at the same time to be not less than 17.84 yuan/share of the price of supporting the financing of 851 million yuan, to pay for the acquisition of Crab technology, upstream information cash on the price of part of the source.

Information shows that crab technology is China's leading mobile network game development operators, according to the concept of the first half of the 2013 mobile Games Research and development manufacturers market share rankings, playing crab technology ranked 5th, occupy 3.8% of the market share, has launched the "Big Masters", "endure will" and other popular hand tour, which "Big masters" has long been ranked top five in the Apple App store China area bestseller list.

Upstream information is the leading online game developers and operators, has successfully developed and operated the Web version and mobile version of the "Tower Kingdoms" game, as of June 2013, the cumulative registered players over 43 million, the cumulative recharge amount of more than 149 million yuan.

The trading plan, the palm of the technology set a strict performance on the gambling clause. Play Crab Technology Commitment, 2013, 2014, 2015, 2016 deducted after the net profit is not less than 120 million yuan, 160 million yuan, 200 million yuan, 240 million yuan; Upstream information side commitment, 2013, 2014, 2015, 2016 deduction after the net profit not less than 75 million yuan , 125 million yuan, 156 million yuan, 190 million yuan. If the actual net profit is lower than the commitment, the company will compensate according to the agreement.

"Big masters" developers play crab technology suspected infringement

News shows that the mainland won the genuine authorization of Jin Yong Two game manufacturers Sohu Tour and the Perfect World, will be jointly on the market infringement game rights.

Insiders believe that the current fire "big masters" or will become the first goal of Jin Yong's rights. Public data show, "Big Master" Android version of the Honeycomb game, subordinate to the listed company Latitude Communications, developers are Beijing crab technology, the game has not been authorized by Jin Yong.

It is understood that Jin Yong has asked to swim to more than 20 suspected infringement of its copyright of the game company issued a letter of attorney, "Big Masters" may face the fate of a stop or revision, if this happens, for the palm of the technology will be a heavy loss.

And from the industry as a whole, "money more people silly" become a new portrayal of the hand tour industry. Since the beginning of 2012, the hand tour industry has 15 major mergers and acquisitions, involving transactions of more than tens of billions of dollars. But the pace of mergers and acquisitions in the hand-travel industry is accelerating as more listed companies flock to the industry. According to incomplete statistics, since the beginning of July, there have been 10 trade mergers and acquisitions.

However, the hand tour industry is not as good as the two-tier market hype.

Data show that in the first quarter of 2013, China Mobile gaming market sales revenue of only 1.1 billion yuan, only occupy the entire game market about 5%. In addition, the game industry's biggest problem is that players are always the same, often the game life cycle only six months.

The 28 times-fold high premium of palm technology has raised concerns among market participants. Related people said that because of the low concentration of the hand tour industry, leading to a few outstanding enterprises and industry competition, so that the palm of the fun technology through the gambling agreement to reduce the expected risk of competitors, highlighting the buyer worries, and in the short term can receive the corresponding benefits to be seen.