About 'total assets to total liabilities ratio'|... a price to book ratio of 1, or a trailing...target price attempts to be conservative in estimating...publication accepts any liability whatsoever for any loss or damage...

About 'total assets to total liabilities ratio'|... a price to book ratio of 1, or a trailing...target price attempts to be conservative in estimating...publication accepts any liability whatsoever for any loss or damage...

Ｈｅｗｌｅｔｔ               Ｐａｃｋａｒｄ               Ｈｅｗｌｅｔｔ               Ｐａｃｋａｒｄ               ｈａｓ               ｂｅｃｏｍｅ               ｏｎｅ               ｏｆ               ｔｈｅ               ｌａｒｇｅｓｔ               Ｅｌｅｃｔｒｏｎｉｃｓ               Ｃｏｍｐａｎｉｅｓ               ｉｎ               ｔｈｅ               Ｗｏｒｌｄ. Ｔｈｅ               Ｃｏｍｐａｎｙ               ｗａｓ               ｅｓｔａｂｌｉｓｈｅｄ               ｉｎ               1939               ｂｙ               Ｂｉｌｌ               Ｈｅｗｌｅｔｔ               ａｎｄ               Ｄａｖｉｄ               Ｐａｃｋａｒｄ               ｉｎ               Ｐａｏｌｏ               Ａｌｔｏ,               Ｃａｌｉｆｏｒｎｉａ. Ｔｈｅ               ｃｏｍｐａｎｉｅｓ               ｓｐｅｃｉａｌｉｚｅ               ｉｎ               ｔｈｅ               ｐｒｏｄｕｃｔｉｏｎ               ｏｆ               ｐｅｒｓｏｎａｌ               ｃｏｍｐｕｔｅｒｓ,               ｓｅｒｖｅｒｓ,               ｓｔｏｒａｇｅ               ｄｅｖｉｃｅｓ,               ｐｒｉｎｔｅｒｓ,               ｎｅｔｗｏｒｋｉｎｇ               ｅｑｕｉｐｍｅｎｔ,               Ｃｏｍｐｕｔｅｒ               ｍｏｎｉｔｏｒｓ,               ｄｉｇｉｔａｌ               ｃａｍｅｒａｓ,               ｄｉｇｉｔａｌ               ｉｍａｇｉｎｇ               ｅｑｕｉｐｍｅｎｔ,               ｄｉｇｉｔａｌ               ｍｅｄｉａ               ｅｑｕｉｐｍｅｎｔ,               ｐｒｉｎｔｅｒｓ               ａｎｄ               ｍｏｒｅ. Ｔｈｅ               ｆｕｔｕｒｅ               ｏｆ               Ｈｅｗｌｅｔｔ               Ｐａｃｋａｒｄ               ｓｅｅｍ               ｂｒｉｇｈｔ               ｗｉｔｈ               ｉｓ               ａｎｎｕａｌ               ｒｅｖｅｎｕｅ               ｉｎｃｒｅａｓｉｎｇ               ｂｙ               ｍｏｒｅ               ｔｈａｎ               6               ｍｉｌｌｉｏｎ               ｄｏｌｌａｒｓ               ｉｎ               2004. Ｈｅｗｌｅｔｔ               Ｐａｃｋａｒｄ'ｓ               ａｓｓｅｔｓ               ｏｕｔｗｅｉｇｈ               ｉｔ'ｓ               ｌｉａｂｉｌｉｔｉｅｓ               ｗｉｔｈ               ａ               ｃｕｒｒｅｎｔ               ｒａｔｉｏ               ｏｆ               1.8               ｗｈｉｃｈ               ｍｅａｎｓ               ｇｒｅａｔｓ               ｔｈｉｎｇｓ               ｆｏｒ               ｔｈｅｒｅ               ｓｈａｒｅ               ｈｏｌｄｅｒｓ. Ｔｈｅｒｅ               ｄｉｖｉｄｅｎｄ               ｐａｙｏｕｔ               ｉｔ               ｔｈａｔ               ｏｆ               $.32               ｐｅｒ               ｓｈａｒｅ               ａｎｄ               ｔｈａｔ               ｉｓ               ｐｒｏｊｅｃｔｅｄ               ｔｏ               ｒａｉｓｅ               ｂｙ               $.3               ｂｙ               ｔｈｅ               ｅｎｄ               ｏｆ               ｔｈｅ               2006               ｆｉｓｃａｌ               ｙｅａｒ. Ｈｅｗｌｅｔｔ               Ｐａｃｋａｒｄ               ｒｅｃｅｎｔｌｙ               ａｃｑｕｉｒｅｄ               Ｃｏｍｐａｑ               ｃｏｍｐｕｔｅｒｓ               ｗｈｉｃｈ               ｓｈｏｕｌｄ               ａｉｄ               ｉｎ               ｓｔｒｅｎｇｔｈｅｎｉｎｇ               ｔｈｅｒｅ               ｆｉｎａｎｃｉａｌ               ｏｕｔｌｏｏｋ               ｂｙ               ｔｈｅ               ｅｎｄ               ｏｆ               2006               ａｎｄ               ｅｖｅｎ               ｔｈｏｕｇｈ               ｔｈｅｒｅ               ｍｅｒｇｅｒ               ｍｅｔ               ｗｉｔｈ               ｓｏｍｅ               ｏｐｐｏｓｉｔｉｏｎ               ｉｔ               ｗａｓ               ｐｒｏｖｅｎ               ｔｏ               ｂｅ               ｖｅｒｙ               ｐｒｏｆｉｔａｂｌｅ               ｆｏｒ               ｔｈｅ               ｃｏｍｐａｎｙ               ａｎｄ               ｉｔｓ               ｓｈａｒｅｈｏｌｄｅｒｓ. Ａｌｌ               ｉｎ               ａｌｌ               Ｈｅｗｌｅｔｔ               Ｐａｃｋａｒｄ               ｉｓ               ｐｏｓｔｉｎｇ               ｇｒｅａｔ               ｎｕｍｂｅｒｓ               ａｎｄ               ｉｓ               ｐｏｓｉｔｉｏｎｉｎｇ               ｉｔｓｅｌｆ               ｔｏ               ｂｅ               ａ               ｖｅｒｙ               ｐｒｏｍｉｓｉｎｇ               ｉｎｖｅｓｔｍｅｎｔ.                                ＮＹＳＥ               Ｓｙｍｂｏｌ:               ＨＰＱ                Ｆｉｓｃａｌ               Ｙｅａｒ               Ｅｎｄ:               Ｏｃｔｏｂｅｒ                2004               Ｓａｌｅｓ               (ｍｉｌ):               $79,905.00                2004               Ｅｍｐｌｏｙｅｅｓ:               151,000                Ｃｕｒｒｅｎｔ               Ｒａｔｉｏ:               1.43                Ａｓｓｅｔ               Ｔｕｒｎｏｖｅｒ               Ｒａｔｉｏ:               1.1                Ｔｏｔａｌ               Ｄｅｂｔ               ｔｏ               Ｔｏｔａｌ               ａｓｓｅｔｓ               Ｒａｔｉｏ:               0.50                Ｐｒｉｃｅ/Ｅａｒｎｉｎｇ               Ｒａｔｉｏ:               28.53                Ｄｉｖｉｄｅｎｄ               Ｐａｙｏｕｔ:               27.8%                Ｓａｎｙｏ                Ｓａｎｙｏ               ｐｒｏｄｕｃｅｓ               ｃｏｎｓｕｍｅｒ               ａｎｄ               ｃｏｍｍｅｒｃｉａｌ               ｅｌｅｃｔｒｏｎｉｃｓ. Ｓａｎｙｏ               ｈａｓ               ｍｏｒｅ               ｔｈａｎ               170               ｓｕｂｓｉｄｉａｒｉｅｓ               ｔｈｒｏｕｇｈｏｕｔ               ｔｈｅ               ｗｏｒｌｄ. Ｔｈｅｙ               ｃｒｅａｔｅ               ｔｈｉｎｇｓ               ｒａｎｇｉｎｇ               ｆｒｏｍ               ｅｌｅｃｔｒｉｃ               ｂｉｃｙｃｌｅｓ               ｔｏ               ｓｅｍｉ               ｃｏｎｄｕｃｔｏｒｓ. Ｔｈｅｙ               ａｌｓｏ               ｐｒｏｄｕｃｅ               ｉｔｅｍｓ               ｓｕｃｈ               ａｓ               ＣＤ               ｐｌａｙｅｒｓ,               Ｔｅｌｅｖｉｓｉｏｎｓ,               Ａｐｐｌｉａｎｃｅｓ,               Ｃｅｌｌ               ｐｈｏｎｅｓ,               Ｂａｔｔｅｒｉｅｓ               ａｎｄ               ｍｏｒｅ. Ｓａｎｙｏ               ｈａｓ               ｂｅｅｎ               ｓｔｒｕｇｇｌｉｎｇ               ａ               ｂｉｔ               ｆｉｎａｎｃｉａｌｌｙ               ｗｉｔｈｉｎ               ｔｈｅ               ｐａｓｔ               ｙｅａｒ               ｉｔｓ               ｔｏｔａｌ               ｒｅｖｅｎｕｅ               ｉｎｃｒｅａｓｅｄ               ｂｙ               ａ               ｍｅｒｅ               $350,000               ｉｎ               ｔｈｅ               ｙｅａｒ               2004. Ｈｏｗｅｖｅｒ               ｉｔｓ               ａｓｓｅｔｓ               ｏｕｔｗｅｉｇｈ               ｉｔ'ｓ               ｌｉａｂｉｌｉｔｉｅｓ               ｗｉｔｈ               ａ               ｃｕｒｒｅｎｔ               ｒａｔｉｏ               ｏｆ               1.78. Ｔｈｅｒｅ               ｄｅｂｔ               ｔｏ               ａｓｓｅｔｓ               ｒａｔｉｏ               ｉｓ               ａｖｅｒａｇｅ               ｗｈｉｃｈ               ｈｅｌｐｓ               ｔｏ               ｋｅｅｐ               Ｓａｎｙｏ               ｉｎ               ｔｈｅ               ｒｕｎｎｉｎｇ. Ｓａｎｙｏ               ｃａｎ               ｂｅ               ａ               ｇｒｅａｔ               ｉｎｖｅｓｔｍｅｎｔ               ｗｉｔｈ               ｓｈａｒｅｓ               ｃｏｓｔｉｎｇ               ａｂｏｕｔ               $11.36               ｐｅｒ               ｓｈａｒｅ               ａｎｄ               ｄｉｖｉｄｅｎｄ               ｐａｙｏｕｔ               ｏｆ               ａｂｏｕｔ               $.12               ｐｅｒ               ｓｈａｒｅ. Ｔｈｉｓ               ｉｓ               ｓｅｔ               ｔｏ               ｄｅｃｒｅａｓｅ               ｓｌｉｇｈｔｌｙ               ｂｙ               ｔｈｅ               ｅｎｄ               ｏｆ               ｔｈｅ               ｆｉｓｃａｌ               ｙｅａｒ. Ｓａｎｙｏ'ｓ               ｆｕｔｕｒｅ               ｉｓ               ｓｔｉｌｌ               ｈｏｗｅｖｅｒ               ｖｅｒｙ               ｐｒｏｍｉｓｉｎｇ               ｗｉｔｈ               ｒｅｃｅｎｔ               ａｌｌｉａｎｃｅｓ               ｗｉｔｈ               Ｃｏｍｐａｎｉｅｓ               ｓｕｃｈ               ａｓ               Ｓａｍｓｕｎｇ,               Ｓｈａｒｐ,               Ｓｅｉｋｏ               Ｅｐｓｏｎ               ａｎｄ               ｏｔｈｅｒｓ. Ｉ               ｗｏｕｌｄ               ｓａｙ               ｄｅｆｉｎｉｔｅｌｙ               ｋｅｅｐ               Ｓａｎｙｏ               ｏｎ               ｙｏｕｒ               ｗａｔｃｈ               ｌｉｓｔ.                ＮＡＳＤＡＱ               Ｓｙｍｂｏｌ:               ＳＡＮＹＹ                Ｆｉｓｃａｌ               Ｙｅａｒ               Ｅｎｄ:               Ｍａｒｃｈ                2005               Ｓａｌｅｓ               (ｍｉｌ):               $25,173.7                2004               Ｅｍｐｌｏｙｅｅｓ:               82,337                Ｃｕｒｒｅｎｔ               Ｒａｔｉｏ:               1.09                Ａｓｓｅｔ               Ｔｕｒｎｏｖｅｒ               Ｒａｔｉｏ:               1.0                Ｔｏｔａｌ               Ｄｅｂｔ               ｔｏ               Ｔｏｔａｌ               Ａｓｓｅｔｓ               Ｒａｔｉｏ:               0.89                Ｐｒｉｃｅ/Ｅａｒｎｉｎｇ               Ｒａｔｉｏ:               -               -                Ｄｉｖｉｄｅｎｄ               Ｐａｙｏｕｔ:               -                                Ｓｏｎｙ                               Ｓｏｎｙ               ｉｓ               ｏｎｅ               ｏｆ               ｌｅａｄｉｎｇ               ｅｌｅｃｔｒｏｎｉｃｓ               ｃｏｍｐａｎｉｅｓ               ｉｎ               ｔｈｅ               ｗｏｒｌｄ. Ｈｏｗｅｖｅｒ               ｅｌｅｃｔｒｏｎｉｃｓ               ｉｓ               ｊｕｓｔ               ｔｈｅ               ｔｉｐ               ｏｆ               ｔｈｅ               ｉｃｅｂｅｒｇ               ｆｏｒ               ｔｈｉｓ               ｍｕｌｔｉｆａｃｅｔｅｄ               ｃｏｍｐａｎｙ. Ｗｉｔｈ               ｔｉｅｓ,               ｔｏ               ｍｕｓｉｃ,               ｍｏｖｉｅｓ,               ａｎｄ               ｈｏｍｅ               ｏｆ               ｏｎｅ               ｔｈｅ               ｍｏｓｔ               ｐｏｐｕｌａｒ               ｇａｍｉｎｇ               ｃｏｎｓｏｌｅｓ               (ＰｌａｙＳｔａｔｉｏｎ               2)               ｅｖｅｒ               Ｓｏｎｙ               ｉｓ               ａ               ｆｏｒｃｅ               ｔｏ               ｂｅ               ｒｅｃｋｏｎｅｄ               ｗｉｔｈ               Ｓｏｎｙ               ａｐｐｅａｒｓ               ｔｏ               ｂｅ               ｏｎｅ               ｏｆ               ｔｈｅ               ｍａｉｎ               ｆｒｏｎｔ               ｒｕｎｎｅｒｓ               ｏｆ               ｔｈｅ               ｇａｍｅ               ｃｏｎｓｏｌｅ               ｄｉｖｉｓｉｏｎ,               ｈｏｗｅｖｅｒ               ｓａｌｅｓ               ｏｆ               ｏｔｈｅｒ               ｐｒｏｄｕｃｔｓ               ｌｉｋｅ               ｔｈｅｒｅ               ＤＶＤ               ｒｅｃｏｒｄｅｒｓ,               ｄｉｇｉｔａｌ               ｃａｍｅｒａｓ,               ｍｕｓｉｃ               ａｎｄ               ｏｔｈｅｒｓ               ｈａｖｅ               ｄｒｏｐｐｅｄ. Ｔｈａｎｋｓ               ｔｏ               ｃｏｍｐｅｔｉｔｏｒｓ               ｌｉｋｅ               Ａｐｐｌｅ               ａｎｄ               ｉｔｓ               Ｉｐｏｄ               ａｓ               ｗｅｌｌ               ａｓ               Ｓａｍｓｕｎｇ               ａｎｄ               ｉｔｓ               ｅｎｔｉｒｅ               ｃｏｎｓｕｍｅｒ               ｅｌｅｃｔｒｏｎｉｃｓ               ｌｉｎｅ. Ｓｏｎｙ               ｉｓ               ｓｅｅｍｉｎｇｌｙ               ｂｅｉｎｇ               ｌｅｆｔ               ｉｎ               ｔｈｅ               ｄｕｓｔ. Ｓｏｎｙ'ｓ               ｒｅｖｅｎｕｅ               ｄｒｏｐｐｅｄ               ｂｙ               ｍｏｒｅ               ｔｈａｎ               6               ｍｉｌｌｉｏｎ               ｄｏｌｌａｒｓ               ｉｎ               ｔｈｅ               ｙｅａｒ               2004               ａｎｄ               ｐｒｏｊｅｃｔｉｏｎｓ               ａｒｅ               ｎｏｔ               ｌｏｏｋｉｎｇ               ｇｏｏｄ               ｆｏｒ               ｔｈｅ               ｅｎｄ               ｏｆ               ｔｈｅ               2005               ｆｉｓｃａｌ               ｙｅａｒ. Ａｓｓｅｔｓ               ｈｏｗｅｖｅｒ               ｏｕｔｗｅｉｇｈ               ｌｉａｂｉｌｉｔｉｅｓ               ｗｉｔｈ               ａ               ｃｕｒｒｅｎｔ               ｒａｔｉｏ               ｏｆ               1.19               ｈｏｗｅｖｅｒ               ｔｈａｔ               ｎｕｍｂｅｒ               ｉｓ               ｅｘｐｅｃｔｅｄ               ｔｏ               ｄｅｃｒｅａｓｅ               ｂｙ               ｔｈｅ               ｅｎｄ               ｏｆ               ｔｈｅ               2006               ｆｉｓｃａｌ               ｙｅａｒ               ｗｈｉｃｈ               ｃｏｕｌｄ               ｍｅａｎ               ｓｅｒｉｏｕｓ               ｆｉｎａｎｃｉａｌ               ｔｒｏｕｂｌｅ               ｆｏｒ               ｔｈｅ               Ｓｏｎｙ               ｃｏｒｐｏｒａｔｉｏｎ. Ｈｏｐｅｆｕｌｌｙ               ｔｈｅ               ｌａｕｎｃｈ               ｏｆ               ｔｈｅ               ｎｅｗ               Ｐｌａｙ               Ｓｔａｔｉｏｎ               ｗｉｌｌ               ｂｒｅａｔｈｅ               ｓｏｍｅ               ｌｉｆｅ               ｉｎｔｏ               ｔｈｉｓ               ｃｏｍｐａｎｙ               ｂｕｔ               ｕｎｔｉｌ               ｔｈｅｎ               Ｉ               ｓｕｇｇｅｓｔ               ｙｏｕ               ｓｔｅｅｒ               ｃｌｅａｒ               ｏｆ               Ｓｏｎｙ.                ＮＹＳＥ               Ｓｙｍｂｏｌ:               ＳＮＥ                Ｆｉｓｃａｌ               Ｙｅａｒ               Ｅｎｄ:               Ｍａｒｃｈ                2004               Ｓａｌｅｓ               (ｍｉｌ):               $66,912                2004               Ｅｍｐｌｏｙｅｅｓ:               162,000                Ｃｕｒｒｅｎｔ               Ｒａｔｉｏ:               1.19                Ａｓｓｅｔ               Ｔｕｒｎｏｖｅｒ               Ｒａｔｉｏ:               0.8                Ｔｏｔａｌ               Ｄｅｂｔ               ｔｏ               Ｔｏｔａｌ               Ａｓｓｅｔｓ               Ｒａｔｉｏ:               0.70                Ｐｒｉｃｅ/Ｅａｒｎｉｎｇ               Ｒａｔｉｏ:               31.90                Ｄｉｖｉｄｅｎｄ               Ｐａｙｏｕｔ:               15.1%                Ｔｈｅ               ｍｏｓｔ               ｐｒｏｍｉｓｉｎｇ               ｃｏｍｐａｎｙ               ｏｕｔ               ｏｆ               ｔｈｅｓｅ               ｔｈｒｅｅ               ｅｌｅｃｔｒｏｎｉｃｓ               ｇｉａｎｔｓ               ａｐｐｅａｒｓ               ｔｏ               ｂｅ               Ｈｅｗｌｅｔｔ               Ｐａｃｋａｒｄ. Ｗｉｔｈ               ｉｔ'ｓ               ｐｒｏｍｉｓｉｎｇ               ｎｕｍｂｅｒｓ,               ｓｕｃｃｅｓｓｆｕｌ               ｍｅｒｇｅｒｓ,               ａｎｄ               ｉｎｃｒｅａｓｉｎｇ               ｒｅｖｅｎｕｅ. ＨＰ               ｓｈａｒｅｓ               ｇｏ               ｆｏｒ               ａｂｏｕｔ               $29               ａ               ｐｏｐ               ａｎｄ               ｔｈｅｙ               ａｒｅ               ｅｘｐｅｃｔｅｄ               ｔｏ               ｒｉｓｅ               ｏｖｅｒ               ｔｈｅ               ｈｏｌｉｄａｙ               ｓｅａｓｏｎ. ＨＰ               ａｌｓｏ               ｈａｓ               ｆｅｗ               ｍｏｒｅ               ｔｒｉｃｋｓ               ｕｐ               ｉｔｓ               ｓｌｅｅｖｅｓ               ｔｏ               ｈｅｌｐ               ｉｎｃｒｅａｓｅ               ｓａｌｅｓ               ａｎｄ               ｂｅｅｆ               ｕｐ               ｐｒｏｆｉｔ. Ｉ               ｔｒｉｅｄ               ｔｏ               ｆｉｎｄ               ｏｕｔ               ｊｕｓｔ               ｗｈａｔ               ｔｈｅｙ               ｗｅｒｅ               ｂｕｔ               ｅｖｅｒｙｔｈｉｎｇ               ａｐｐｅａｒｓ               ｔｏ               ｂｅ               ｏｎ               ｔｈｅ               ｅｘｔｒｅｍｅ               ｈｕｓｈ,               ｈｕｓｈ. Ｂａｓｉｃａｌｌｙ               ＨＰ               ａｐｐｅａｒｓ               ｔｏ               ｂｅ               ｔｈｅ               ｍｏｒｅ               ｓｏｌｉｄ               ａｎｄ               ｐｒｏｍｉｓｉｎｇ               ｃｈｏｉｃｅ,               Ｉ               ｗｏｕｌｄ               ｐｅｒｓｏｎａｌｌｙ               ｉｎｖｅｓｔ               ｉｎ               ｔｈｉｓ               ｃｏｍｐａｎｙ. Ｍｙ               ｖｅｒｄｉｃｔ               Ｈｐ               ａｌｌ               ｔｈｅ               ｗａｙ!

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Asset to Liability Ratio Good Asset to Liability Ratio Debt to Total Assets Ratio Debt to Total Assets Ratio of Assets to Liabilities Debt to Assets Ratio Example Debt to Total Assets Percentage Liabilities to Assets Ratio Formula

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About 'debt ratio total liabilities total assets'|Financial Ratios

About 'debt ratio total liabilities total assets'|Financial Ratios

Ｉｎｔｒｏｄｕｃｔｉｏｎ               Ｉｎ               ｏｒｄｅｒ               ｔｏ               ｇｒｏｗ               ａ               ｂｕｓｉｎｅｓｓ,               ｂｒａｎｃｈ               ｉｎｔｏ               ｎｅｗ               ａｒｅａｓ,               ｏｒ               ｃａｒｒｙ               ｏｕｔ               ｄａｉｌｙ               ｏｐｅｒａｔｉｏｎｓ,               ｃｏｍｐａｎｉｅｓ               ｏｆｔｅｎ               ｒｅｌｙ               ｏｎ               ｄｉｆｆｅｒｅｎｔ               ｍｅｔｈｏｄｓ               ｏｆ               ｆｉｎａｎｃｉｎｇ               ｔｏ               ａｃｈｉｅｖｅ               ｔｈｅｉｒ               ｇｏａｌｓ. Ｆｉｎａｎｃｉｎｇ               ａｌｌｏｗｓ               ａ               ｃｏｍｐａｎｙ               ｔｏ               ｏｂｔａｉｎ               ｔｈｅ               ｒｅｓｏｕｒｃｅｓ               ｔｈｅｙ               ｎｅｅｄ               ｉｍｍｅｄｉａｔｅｌｙ               ａｎｄ               ｒｅｐａｙ               ａ               ｌｅｎｄｅｒ               ｏｖｅｒ               ｔｉｍｅ. Ａｐｐｒｏｐｒｉａｔｅ               ｆｉｎａｎｃｉｎｇ               ｉｓ               ａｌｍｏｓｔ               ａｌｗａｙｓ               ｎｅｃｅｓｓａｒｙ               ｗｈｅｎ               ｉｔ               ｃｏｍｅｓ               ｔｏ               ｍｅｒｇｅｒｓ               ａｎｄ               ａｃｑｕｉｓｉｔｉｏｎｓ               ｂｅｃａｕｓｅ               ｏｆ               ｔｈｅ               ｍｙｒｉａｄ               ｃｏｓｔｓ               ａｎｄ               ｆｉｎａｎｃｉａｌ               ｃｏｎｓｉｄｅｒａｔｉｏｎｓ               ａｓｓｏｃｉａｔｅｄ               ｗｉｔｈ               ｔｈｉｓ               ｔｙｐｅ               ｏｆ               ｔｒａｎｓａｃｔｉｏｎ. Ｔｏ               ｄｅｔｅｒｍｉｎｅ               ｔｈｅ               ｂｅｓｔ               ｆｉｎａｎｃｉｎｇ               ｐｌａｎ               ｆｏｒ               ｔｈｅ               ｍｅｒｇｅｒ               ｗｉｔｈ               Ｓｈａｎｇ-ｗａ               Ｅｌｅｃｔｒｏｎｉｃｓ,               Ｌｅｓｔｅｒ               Ｅｌｅｃｔｒｏｎｉｃｓ,               Ｉｎｃ. (ＬＥＩ)               ｗｉｌｌ               ｆｏｌｌｏｗ               ａ               ｎｕｍｂｅｒ               ｏｆ               ｓｔｅｐｓ.                Ａｎ               ａｎａｌｙｓｉｓ               ｏｆ               ｔｈｅ               ｖａｒｉｏｕｓ               ｉｓｓｕｅｓ               ａｎｄ               ｏｐｐｏｒｔｕｎｉｔｉｅｓ               ａｖａｉｌａｂｌｅ               ｗｉｌｌ               ｕｎｃｏｖｅｒ               ｐｏｓｓｉｂｌｅ               ｐｒｏｂｌｅｍｓ               ｂｕｔ               ａｌｓｏ               ｂｅｎｅｆｉｔｓ               ｔｈａｔ               ｍａｙ               ｈａｖｅ               ｂｅｅｎ               ｐｒｅｖｉｏｕｓｌｙ               ｏｖｅｒｌｏｏｋｅｄ. Ｉｄｅｎｔｉｆｙｉｎｇ               ｔｈｅ               ｖａｌｕｅｓ               ａｎｄ               ｂｅｌｉｅｆｓ               ｏｆ               ｔｈｅ               ｖａｒｉｏｕｓ               ｓｔａｋｅｈｏｌｄｅｒｓ               ａｎｄ               ｄｅｔｅｒｍｉｎｉｎｇ               ｐｏｓｓｉｂｌｅ               ｅｔｈｉｃａｌ               ｄｉｌｅｍｍａｓ               ｗｉｌｌ               ａｌｌｏｗ               ｔｈｅ               ｃｏｍｐａｎｙ               ｔｏ               ｍａｋｅ               ａｎ               ｉｎｆｏｒｍｅｄ               ｄｅｃｉｓｉｏｎ               ｗｉｔｈ               ｔｈｅｉｒ               ｓｔａｋｅｈｏｌｄｅｒ'ｓ               ｉｎｔｅｒｅｓｔｓ               ｉｎ               ｍｉｎｄ. Ｃｏｍｐｌｅｔｉｎｇ               ｔｈｅｓｅ               ｓｔｅｐｓ               ｗｉｌｌ               ａｌｌｏｗ               ＬＥＩ               ｔｏ               ｆｏｒｍｕｌａｔｅ               ｅｎｄ               ｓｔａｔｅ               ｇｏａｌｓ               ｔｈａｔ               ｗｉｌｌ               ｕｌｔｉｍａｔｅｌｙ               ｂｅ               ｕｓｅｄ               ａｓ               ａ               ｍｅａｓｕｒｅ               ｏｆ               ｓｕｃｃｅｓｓ               ｏｆ               ｆａｉｌｕｒｅ. Ｓｕｂｓｅｑｕｅｎｔｌｙ,               ＬＥＩ               ｗｉｌｌ               ｇａｔｈｅｒ               ｉｎｆｏｒｍａｔｉｏｎ               ａｂｏｕｔ               ｐｏｓｓｉｂｌｅ               ｓｏｌｕｔｉｏｎｓ               ａｎｄ               ａｎａｌｙｚｅ               ｔｈｅ               ｒｉｓｋｓ               ａｎｄ               ｂｅｎｅｆｉｔｓ               ａｓｓｏｃｉａｔｅｄ               ｗｉｔｈ               ｅａｃｈ. Ｗｉｔｈ               ｔｈｉｓ               ｉｎｆｏｒｍａｔｉｏｎ               ｔｈｅ               ｃｏｍｐａｎｙ               ｃａｎ               ｄｅｖｉｓｅ               ｍｉｔｉｇａｔｉｏｎ               ｓｔｒａｔｅｇｉｅｓ               ｆｏｒ               ｔｈｅ               ｒｉｓｋｓ               ｔｈｅｎ               ｄｅｖｅｌｏｐ               ａｎ               ｉｍｐｌｅｍｅｎｔａｔｉｏｎ               ｐｌａｎ               ｔｏ               ｃａｒｒｙ               ｏｕｔ               ｔｈｅ               ｆｉｎａｎｃｉｎｇ               ｓｔｒａｔｅｇｙ. Ｌａｓｔｌｙ,               ｔｏ               ｅｎｓｕｒｅ               ｔｈｅ               ｐｌａｎ               ｉｓ               ｗｏｒｋｉｎｇ               ｃｏｒｒｅｃｔｌｙ               ａｎｄ               ｔｈｅ               ｇｏａｌｓ               ａｒｅ               ｂｅｉｎｇ               ａｃｈｉｅｖｅｄ,               ｔｈｅ               ｃｏｍｐａｎｙ               ｗｉｌｌ               ｄｅｖｉｓｅ               ａ               ｓｙｓｔｅｍ               ｏｆ               ｍｅｔｒｉｃｓ               ｔｏ               ｔｅｓｔ               ｔｈｅ               ｓｕｃｃｅｓｓ               ｏｆ               ｔｈｅ               ｐｌａｎ. Ｔｈｉｓ               ｃｏｍｐｒｅｈｅｎｓｉｖｅ               ｐｌａｎ,               ｄｅｓｃｒｉｂｅｄ               ｂｅｌｏｗ,               ｗｉｌｌ               ｒｅｓｕｌｔ               ｉｎ               ａｎ               ｏｐｔｉｍａｌ               ｆｉｎａｎｃｉｎｇ               ｓｏｌｕｔｉｏｎ               ｆｏｒ               ＬＥＩ               ｔｈａｔ               ｗｉｌｌ               ａｌｌｏｗ               ｔｈｅ               ｃｏｍｐａｎｙ               ｔｏ               ｍｅｒｇｅ               ｓｕｃｃｅｓｓｆｕｌｌｙ               ｗｉｔｈ               Ｓｈａｎｇ-ｗａ               ａｎｄ               ａｃｈｉｅｖｅ               ｔｈｅ               ｃｏｍｐａｎｙ'ｓ               ｅｎｄ               ｖｉｓｉｏｎ.                Ｉｓｓｕｅｓ               ａｎｄ               Ｏｐｐｏｒｔｕｎｉｔｉｅｓ                Ｌｅｓｔｅｒ               Ｅｌｅｃｔｒｏｎｉｃｓ,               Ｉｎｃ. (ＬＥＩ)               ｉｓ               ｅｎｔｅｒｉｎｇ               ｉｎｔｏ               ａ               ｂｉｌｌｉｏｎ               ｄｏｌｌａｒ               ｄｅａｌ               ｗｉｔｈ               Ｓｈａｎｇ-ｗａ               Ｅｌｅｃｔｒｏｎｉｃｓ               (ＳＷＥ)               ｔｏ               ｂｅｃｏｍｅ               ａ               ｍａｎｕｆａｃｔｕｒｅｒ               ａｎｄ               ｄｉｓｔｒｉｂｕｔｏｒ               ｏｆ               ｐｒｅｃｉｓｉｏｎ               ｃａｐａｃｉｔｏｒｓ. Ｂｅｆｏｒｅ               ｔｈｅ               ｍｅｒｇｅｒ               ｃａｎ               ｂｅ               ｆｉｎａｌｉｚｅｄ,               ｔｈｅ               ｂｉｄ               ｐｒｉｃｅ               ｍｕｓｔ               ｂｅ               ａｇｒｅｅｄ               ｕｐｏｎ. Ｔｏ               ｏｂｔａｉｎ               ａ               ｆａｉｒ               ａｎｄ               ｅｑｕｉｔａｂｌｅ               ｐｒｉｃｅ               ｆｏｒ               ｔｈｅ               ｍｅｒｇｅｒ,               ｖａｌｕａｔｉｏｎ               ｏｆ               ＳＷＥ               ｉｓ               ｎｅｃｅｓｓａｒｙ,               ａｎｄ               ｗｉｌｌ               ｂｅ               ｃｏｍｐｌｅｔｅｄ               ｐｒｉｏｒ               ｔｏ               ｔｈｅ               ｓｔａｒｔ               ｏｆ               ｎｅｇｏｔｉａｔｉｏｎｓ. ＳＷＥ               ｖａｌｕａｔｉｏｎ               ｗｉｌｌ               ｉｎｃｌｕｄｅ;               ｃｏｍｐａｎｙ               ａｓｓｅｔｓ,               ｅａｒｎｉｎｇｓ               ｂｅｆｏｒｅ               ｉｎｔｅｒｅｓｔ,               ｔａｘｅｓ/ｄｅｐｒｅｃｉａｔｉｏｎ,               ａｎｄ               ａｎｙ               ｓｈａｒｅｈｏｌｄｅｒ               ｃｏｎｔｒｉｂｕｔｉｏｎｓ               (Ｒｏｓｓ,               2005). Ｗｈｉｌｅ               ｔｈｅ               ａｃｃｏｕｎｔｉｎｇ               ｔｅａｍ               ａｔ               ＳＷＥ               ｉｓ               ｉｎｉｔｉａｔｉｎｇ               ｔｈｅ               ｖａｌｕａｔｉｏｎ               ｏｆ               ｔｈｅｉｒ               ｃｏｍｐａｎｙ,               ＬＥＩ               ｗｉｌｌ               ｂｅ               ｃｏｍｐｌｅｔｉｎｇ               ａ               ｓｅｌｆ-ａｎａｌｙｓｉｓ               ｏｆ               ｔｈｅｉｒ               ｃｏｍｐａｎｙ               ｔｏ               ａｓｃｅｒｔａｉｎ               ｔｈｅ               ａｌｌｏｃａｔｉｏｎ               ｏｆ               ｓｕｆｆｉｃｉｅｎｔ               ｒｅｓｏｕｒｃｅｓ. Ｒｅｓｏｕｒｃｅｓ               ｗｉｌｌ               ｉｎｃｌｕｄｅ;               ｆｉｎａｎｃｉａｌ,               ｔｉｍｅ               ｃｏｎｓｔｒａｉｎｔｓ'               ａｎｄ               ｐｅｒｓｏｎｎｅｌ. Ｋｎｏｗｉｎｇ               ｗｈａｔ               ｂｏｔｈ               ｃｏｍｐａｎｉｅｓ               ｈａｖｅ               ｔｏ               ｗｏｒｋ               ｗｉｔｈ               ａｎｄ               ｃｏｎｔｒｉｂｕｔｅ               ｔｏ               ｔｈｅ               ｍｅｒｇｅｒ               ｉｓ               ｉｍｐｏｒｔａｎｔ               ｆｏｒ               ｏｐｔｉｍｕｍ               ｓｕｃｃｅｓｓ.                Ｔｈｉｓ               ｍｅｒｇｅｒ               ｗｉｌｌ               ｂｅ               ｉｎｉｔｉａｔｅｄ               ｆｏｒ               ｍａｎｙ               ｒｅａｓｏｎｓ               ｓｏｍｅ               ｏｆ               ｔｈｅｍ               ａｒｅ;               ｃｕｔｔｉｎｇ               ｃｏｍｐａｎｙ               ｃｏｓｔ,               ａｖｏｉｄｉｎｇ               ａ               ｈｏｓｔｉｌｅ               ｔａｋｅｏｖｅｒ               ｂｉｄ               ｆｒｏｍ               ａ               ｃｏｍｐｅｔｉｔｏｒ               ａｎｄ               ｍａｘｉｍｉｚｉｎｇ               ｐｒｏｆｉｔｓ               ｆｏｒ               ｂｏｔｈ               ＬＥＩ               ａｎｄ               ＳＷＥ. Ｔｈｅ               ｂｕｓｉｎｅｓｓ               ｏｆ               ｍｅｒｇｉｎｇ               ｔｗｏ               ｃｏｍｐａｎｉｅｓ               ｔｈａｔ               ｐｒｏｄｕｃｅ               ａ               ｐｒｏｄｕｃｔ               ｔｈａｔ               ｉｓ               ｓｙｎｅｒｇｉｓｔｉｃ               ｉｓ               ａ               ｖｅｒｔｉｃａｌ               ｍｅｒｇｅｒ,               ｗｈｉｃｈ               ｗｉｌｌ               ｈａｖｅ               ｓｏｍｅ               ａｄｖａｎｔａｇｅｓ               ｄｕｒｉｎｇ               ｐｒｏｄｕｃｔｉｏｎ. Ｔｈｅ               ｎｅｃｅｓｓｉｔｙ               ｔｏ               ｐｕｒｃｈａｓｅ               ｏｆ               ｌｅａｓｅ               ａｄｄｉｔｉｏｎａｌ               ｅｑｕｉｐｍｅｎｔ               ａｎｄ               ｆａｃｉｌｉｔｉｅｓ               ｉｓ               ｎｏｔ               ｒｅｑｕｉｒｅｄ               ｄｕｒｉｎｇ               ｉｎｉｔｉａｌ               ｓｔａｒｔ-ｕｐ. Ｔｈｉｓ               ｗｉｌｌ               ａｓｓｉｓｔ               ｉｎ               ｍａｉｎｔａｉｎｉｎｇ               ｔｈｅ               ｗｏｒｋｉｎｇ               ｃａｐｉｔａｌ               ｂｕｄｇｅｔ,               ｃａｓｈ               ｆｌｏｗ               ａｎｄ               ｏｔｈｅｒ               ｒｅｓｏｕｒｃｅ               ａｌｌｏｃａｔｉｏｎｓ               (Ｒｏｓｓ,               2005).                Ｔｈｅ               ｋｅｙ               ｓｔａｋｅｈｏｌｄｅｒｓ               ｉｎ               ｔｈｅ               ｍｅｒｇｅｒ               ｗｉｌｌ               ｂｅ               ｔｈｅ               ｔｗｏ               ｍｅｎ               ｒｅｓｐｏｎｓｉｂｌｅ               ｆｏｒ               ｔｈｅ               ｃｏｍｐａｎｉｅｓ               ｓｉｎｃｅ               ｔｈｅｉｒ               ｉｎｄｉｖｉｄｕａｌ               ｉｎｃｅｐｔｉｏｎｓ. Ｔｈｅｙ               ａｒｅ               Ｂｅｒｎａｒｄ               Ｌｅｓｔｅｒ               Ｃｈｉｅｆ               Ｅｘｅｃｕｔｉｖｅ               Ｏｆｆｉｃｅｒ               (ＣＥＯ)               ａｎｄ               ｆｏｕｎｄｅｒ               ｏｆ               Ｌｅｓｔｅｒ               Ｅｌｅｃｔｒｏｎｉｃｓ,               Ｉｎｃ. ａｎｄ               Ｊｏｈｎ               Ｌｉｎ               ＣＥＯ               ａｎｄ               ｆｏｕｎｄｅｒ               ｆｏｒ               Ｓｈａｎｇ-ｗａ               Ｅｌｅｃｔｒｏｎｉｃｓ. Ｎｅｉｔｈｅｒ               ｍｅｎ               ｈａｓ               ｆａｍｉｌｙ               ｗｉｌｌｉｎｇ               ｔｏ               ｔａｋｅ               ｔｈｅｉｒ               ｃｏｍｐａｎｉｅｓ               ｉｎｔｏ               ｔｈｅ               ｆｕｔｕｒｅ               ａｎｄ               ａｒｅ               ｕｎｗｉｌｌｉｎｇ               ｔｏ               ｓｅｅ               ｔｈｅｉｒ               ｌｉｆｅ'ｓ               ｗｏｒｋ               ｄｅｓｔｒｏｙｅｄ,               ｔｈｉｓ               ｍｅｒｇｅｒ               ｉｓ               ａ               ｃｏｎｔｉｎｕａｔｉｏｎ               ｏｆ               ｇｒｏｗｔｈ               ｆｏｒ               ｂｏｔｈ               ｉｎｄｕｓｔｒｉｅｓ. Ｉｎ               ａｄｄｉｔｉｏｎ               ｔｏ               ｔｈｅｍｓｅｌｖｅｓ,               ＬＥＩ               ｉｓ               ａ               ｐｕｂｌｉｃｌｙ               ｔｒａｄｅｄ               ｃｏｍｐａｎｙ               (Ｃｏｍｐａｎｙ               Ｏｖｅｒｖｉｅｗ,               2005). Ｔｈｅ               ｉｎｖｅｓｔｏｒｓ               ｗｉｌｌ               ａｌｓｏ               ｈａｖｅ               ａ               ｍａｒｇｉｎａｌ               ｓａｙ               ｉｎ               ｔｈｅ               ｍｅｒｇｅｒ               ｐｒｏｐｏｓｉｔｉｏｎ               ａｎｄ               ａｎｙ               ｆｕｔｕｒｅ               ｄｉｖｉｄｅｎｄｓ               ｆｒｏｍ               ｔｈｅ               ｃｏｍｐａｎｙ               ｕｎｌｅｓｓ               Ｌｅｓｔｅｒ               ｉｓ               ａｂｌｅ               ｔｏ               ｂｕｙ               ｂａｃｋ               ｏｕｔｓｔａｎｄｉｎｇ               ｓｔｏｃｋ.                Ｔｈｅ               ｏｐｐｏｒｔｕｎｉｔｉｅｓ               ｔｈａｔ               ｂｏｔｈ               ｃｏｍｐａｎｉｅｓ               ｆａｃｅ               ａｒｅ               ｉｎｃｒｅａｓｅｓ               ｉｎ               ｃｏｍｐａｎｙ               ｗｅａｌｔｈ               ｂｙ               ｆｉｎａｌｉｚｉｎｇ               ｔｈｅ               ｍｅｒｇｅｒ               ｉｎ               ａ               ｐｒａｃｔｉｃａｌ               ａｎｄ               ｅｔｈｉｃａｌ               ｍａｎｎｅｒ. Ｕｓｉｎｇ               ｔｈｅ               ｄａｔａ               ｐｒｏｄｕｃｅｄ               ｔｈｒｏｕｇｈ               ｉｎｔｅｒｎａｌ               ａｎｄ               ｅｘｔｅｒｎａｌ               ｖａｌｕａｔｉｏｎ               ａｎａｌｙｓｉｓ               ｆｏｒ               ｅａｃｈ               ｃｏｍｐａｎｙ,               ｓｔｒａｔｅｇｉｅｓ               ｃａｎ               ｂｅ               ｆｏｒｍｕｌａｔｅｄ               ｔｏ               ｉｎｃｌｕｄｅ               ｍｏｓｔ               ａｓｐｅｃｔｓ               ｏｆ               ｔｈｅ               ｃｏｍｂｉｎｅｄ               ｒｅｓｏｕｒｃｅｓ. Ｔｈｅ               ｐｏｓｓｉｂｉｌｉｔｙ               ｆｏｒ               ｂｅｃｏｍｉｎｇ               ａ               ｇｌｏｂａｌ               ｉｎｄｕｓｔｒｙ               ｉｓ               ｈｉｇｈ               ａｎｄ               ｆａｖｏｒｓ               ａ               ｍｅｒｇｅｒ               ｏｆ               ｃｏｍｐａｎｉｅｓ               ｔｈｅｒｅｂｙ               ｉｎｓｕｒｉｎｇ               ｃｏｎｔｉｎｕｅｄ               ｓｕｃｃｅｓｓ               ｉｎ               ｔｈｅ               ｅｌｅｃｔｒｏｎｉｃｓ               ｍａｒｋｅｔｓ. Ｎｅｗ               ｐｒｏｄｕｃｔ               ｄｅｖｅｌｏｐｍｅｎｔ               ｉｓ               ａｌｓｏ               ａｎ               ｏｐｔｉｏｎ               ｆｏｒ               ｔｈｅ               ｎｅｗｌｙ               ｍｅｒｇｅｄ               ｃｏｍｐａｎｉｅｓ               ａｓ               ｗｅｌｌ               ａｓ               ｄｉｖｅｒｓｉｔｙ               ｉｎ               ｐｒｏｄｕｃｔｓ               ｔｏ               ｉｎｃｌｕｄｅ               ｍｏｒｅ               ｔｈａｔ               ｃａｐａｃｉｔｏｒｓ. Ｔｈｅ               ｃｈａｎｃｅ               ｔｏ               ｓｔｒｅａｍｌｉｎｅ               ｔｈｅ               ｃｏｍｐａｎｙ'ｓ               ｐｅｒｓｏｎｎｅｌ               ｗｉｌｌ               ｂｅ               ｓｅｌｆ-ｅｖｉｄｅｎｔ               ｄｕｒｉｎｇ               ａｎｄ               ａｆｔｅｒ               ｍｅｒｇｅｒ. Ｔｈｅ               ｐａｒｅｎｔ               ｃｏｍｐａｎｙ               ｗｉｌｌ               ｂｅｎｅｆｉｔ               ｆｒｏｍ               ｈｉｇｈ               ｍａｒｋｅｔ               ｓｈａｒｅ               ｄｕｅ               ｔｏ               ａ               ｄｅｃｒｅａｓｅ               ｉｎ               ｍａｎｕｆａｃｔｕｒｉｎｇ               ｃｏｓｔ.                Ｓｔａｋｅｈｏｌｄｅｒ               Ｐｅｒｓｐｅｃｔｉｖｅｓ/Ｅｔｈｉｃａｌ               Ｄｉｌｅｍｍａｓ                Ｓｅｖｅｒａｌ               ｓｔａｋｅｈｏｌｄｅｒｓ               ａｒｅ               ｉｎｖｏｌｖｅｄ               ｉｎ               ｔｈｅ               ａｃｑｕｉｓｉｔｉｏｎ               ｏｆ               Ｓｈａｎｇ-ｗａ               Ｅｌｅｃｔｒｏｎｉｃｓ               (ＳＷＥ)               ｂｙ               Ｌｅｓｔｅｒ               Ｅｌｅｃｔｒｏｎｉｃｓ               Ｉｎｃ               (ＬＥＩ). Ｍｒ. Ｌｉｎ               ｆｏｕｎｄｅｄ               ＳＷＥ               ｉｎ               1969               ａｎｄ               ｓｔａｒｔｅｄ               ａ               ｓｕｐｐｌｙ               ａｇｒｅｅｍｅｎｔ               ｗｉｔｈ               ＬＥＩ               ｉｎ               1978               (Ｃｏｍｐａｎｙ               Ｏｖｅｒｖｉｅｗ,               2008). Ａｓ               ａ               ｒｅｓｕｌｔ               Ｍｒ. Ｌｉｎ               ｈａｓ               ｆｏｒｍｅｄ               ａ               ｌａｓｔｉｎｇ               ｒｅｌａｔｉｏｎｓｈｉｐ               ａｎｄ               ａ               ｇｒｅａｔ               ｄｅａｌ               ｏｆ               ｒｅｓｐｅｃｔ               ｆｏｒ               ｔｈｅ               ｗａｙ               ＬＥＩ               ｍａｎａｇｅｓ               ｔｈｅｉｒ               ｃｏｒｐｏｒａｔｉｏｎ. Ｉｆ               Ｍｒ. Ｌｅｓｔｅｒ,               ｔｈｅ               ｆｏｕｎｄｅｒ               ａｎｄ               Ｃｈｉｅｆ               Ｅｘｅｃｕｔｉｖｅ               Ｏｆｆｉｃｅｒ               (ＣＥＯ)               ｏｆ               ＬＥＩ,               ａｇｒｅｅｓ               ｔｏ               ｔｈｅ               ｍｅｒｇｅｒ               ｏｆ               ＳＷＥ               ａｎｄ               ＬＥＩ               ｔｈｅ               ｇｌｏｂａｌ               ｅｘｐａｎｓｉｏｎ               ａｌｏｎｇ               ｗｉｔｈ               ａｎ               ｅｘｐｅｒｔ               ｍａｎａｇｅｍｅｎｔ               ｔｅａｍ               ｗｉｌｌ               ａｌｌｏｗ               Ｍｒ. Ｌｉｎ               ｔｏ               ｔａｋｅ               ｔｉｍｅ               ｏｆｆ               ｔｏ               ｓｐｅｎｄ               ｗｉｔｈ               ｆａｍｉｌｙ               ａｎｄ               ｅｖｅｎｔｕａｌｌｙ               ｇｅｔ               ｏｕｔ               ｏｆ               ｔｈｅ               ｂｕｓｉｎｅｓｓ               ａｌｔｏｇｅｔｈｅｒ.Ｉｎ               ａｄｄｉｔｉｏｎ               ｔｈｉｓ               ｍｅｒｇｅｒ               ｗｏｕｌｄ               ａｌｌｏｗ               ＬＥＩ               ｔｏ               ｍａｒｋｅｔ               ｄｏｍｅｓｔｉｃ               ｍａｄｅ               ｐａｒｔｓ               ｉｎｔｅｒｎａｔｉｏｎａｌｌｙ. Ｔｈｅ               ａｃｑｕｉｓｉｔｉｏｎ               ｏｆ               ＳＷＥ               ｃｏｕｌｄ               ｍａｋｅ               ｔｈｉｓ               ｐｏｓｓｉｂｌｅ               ａｎｄ               ａｓ               ａ               ｂｏｎｕｓｗｏｕｌｄ               ｅｌｉｍｉｎａｔｅ               ｓｏｍｅ               ｏｆ               ｔｈｅｉｒ               ｃｏｍｐｅｔｉｔｉｏｎ               ｉｎ               ｔｈｅ               ｐｒｏｃｅｓｓ. Ｔｈｉｓ               ａｃｑｕｉｓｉｔｉｏｎ               ｗｏｕｌｄ               ｅｎｄ               Ｔｒａｎｓａｃｔｉｏｎａｌ               Ｅｌｅｃｔｒｏｎｉｃｓ               Ｃｏｒｐｏｒａｔｉｏｎｓ               (ＴＥＣ)               ｑｕｅｓｔ               ｏｆ               ａｃｑｕｉｒｉｎｇ               ＳＷＥ. Ｂｕｔ               Ｍｒ. Ｌｅｓｔｅｒ               ｓｈｏｕｌｄ               ｎｏｔ               ｔａｋｅ               ｔｏｏ               ｍｕｃｈ               ｔｉｍｅ               ｉｎ               ｍａｋｉｎｇ               ｈｉｓ               ｄｅｃｉｓｉｏｎ. Ｄｕｅ               ｔｏ               ｐｒｅｖｉｏｕｓ               ｍｅｒｇｅｒｓ               ａｎｄ               ａｃｑｕｉｓｉｔｉｏｎｓ               ＴＥＣ               ｈａｓ               ｒａｉｓｅｄ               ｅｎｏｕｇｈ               ｒｅｓｏｕｒｃｅｓ               ｔｏ               ｎｏｔ               ｏｎｌｙ               ｅｘｐａｎｄ               ｇｌｏｂａｌｌｙ               ｂｕｔ               ｔｏ               ｐｅｒｆｏｒｍ               ａ               ｈｏｓｔｉｌｅ               ｔａｋｅｏｖｅｒ               ｏｆ               ＳＷＥ. Ｔｈｉｓ               ｈｏｓｔｉｌｅ               ｔａｋｅｏｖｅｒ               ｏｆ               ＳＷＥ               ｗｏｕｌｄ               ａｉｄｅ               ｉｎ               ｔｈｅ               ａｃｃｏｍｐｌｉｓｈｍｅｎｔ               ｏｆ               ｏｎｅ               ｏｆ               Ｍｒ. Ａｎｔｏｎｅ'ｓ,               ｔｈｅ               ＣＥＯ               ｏｆ               ＴＥＣ,               ｇｏａｌｓ               ｏｆ               ｇｌｏｂａｌ               ｅｘｐａｎｓｉｏｎ. Ｏｎｅ               ｏｆ               ｔｈｅ               ｌａｓｔ               ｔｈｉｎｇｓ               Ｍｒ. Ｌｅｓｔｅｒ               ｗａｎｔｓ               ｉｓ               ｔｈｅ               ａｃｑｕｉｓｉｔｉｏｎ               ｏｆ               ＳＷＥ               ｂｙ               ＴＥＣ. Ｉｆ               ＴＥＣ               ｄｏｅｓ               ｐｅｒｆｏｒｍ               ａ               ｈｏｓｔｉｌｅ               ｔａｋｅｏｖｅｒ               ｏｆ               ＳＷＥ,               ＬＥＩ               ｗｏｕｌｄ               ｌｏｓｅ               ｔｈｅｉｒ               ｅｘｃｌｕｓｉｖｅ               ａｇｒｅｅｍｅｎｔ               ｗｉｔｈ               ＳＷＥ               ａｌｏｎｇ               ｗｉｔｈ               ｏｖｅｒ               40%               ｉｎ               ｒｅｖｅｎｕｅ. Ｉｎ               ａｄｄｉｔｉｏｎ               ｔｏ               ｔｈｅ               ｐｅｎｄｉｎｇ               ｍｅｒｇｅｒｓ               ａｎｄ               ｏｒ               ｔａｋｅｏｖｅｒ               ｉｎｖｏｌｖｉｎｇ               ＳＷＥ,               Ａｖｒａｌ               Ｅｌｅｃｔｒｏｎｉｃｓ               ｉｓ               ａｌｓｏ               ｉｎｑｕｉｒｉｎｇ               ａｂｏｕｔ               ｆｏｒｍｉｎｇ               ａ               ｍｅｒｇｅｒ               ｗｉｔｈ               ＬＥＩ.                Ｒｏｂｅｒｔ               Ｐａｇｅｔ               ｔｈｅ               Ｖｉｃｅ               Ｐｒｅｓｉｄｅｎｔ               ｏｆ               Ａｃｑｕｉｓｉｔｉｏｎｓ               ａｔ               Ａｖｒａｌ               Ｅｌｅｃｔｒｏｎｉｃｓ               ｉｓ               ｋｎｏｗｎ               ａｓ               ａｎ               ａｇｇｒｅｓｓｉｖｅ               "ｇｏ               ｇｅｔｔｅｒ"               ａｎｄ               ｈａｓ               ｂｅｅｎ               ｗｉｔｈ               Ａｖｒａｌ               Ｅｌｅｃｔｒｏｎｉｃｓ               ｆｏｒ               ｆｉｖｅ               ｙｅａｒｓ               (Ｃｏｍｐａｎｙ               Ｏｖｅｒｖｉｅｗ,               2008). Ｄｕｒｉｎｇ               Ｍｒ. Ｐａｇｅｔ'ｓ               ｔｅｎｕｒｅ               ａｔ               Ａｖｒａｌ               Ｅｌｅｃｔｒｏｎｉｃｓ               ｈｅ               ｈａｓ               ｎｅｇｏｔｉａｔｅｄ               ａｎｄ               ｐｕｒｃｈａｓｅｄ               ｓｉｘ               ｎｏｔｅｗｏｒｔｈｙ               ｅｌｅｃｔｒｏｎｉｃ               ｃｏｍｐａｎｉｅｓ. Ｔｈｅｓｅ               ａｃｑｕｉｓｉｔｉｏｎｓ               ｈａｖｅ               ｉｎｃｒｅａｓｅｄ               Ａｖｒａｌ'ｓ               ｅｘｔｅｒｎａｌ               ａｎｎｕａｌ               ｒｅｖｅｎｕｅ               ｆｒｏｍ               $300               ｍｉｌｌｉｏｎ               ｔｏ               $900               ｍｉｌｌｉｏｎ. Ａｓ               ａ               ｒｅｓｕｌｔ               ｏｆ               ｈｉｓ               ｈａｒｄ               ｗｏｒｋ               ａｎｄ               ｃｏｎｔｒｉｂｕｔｉｏｎｓ               ｔｏ               Ａｖｒａｌ,               ｈｅ               ｗａｓ               ｒｅｃｅｎｔｌｙ               ｐｒｏｍｏｔｅｄ               ｔｏ               Ｖｉｃｅ               Ｐｒｅｓｉｄｅｎｔ               ｏｆ               Ａｃｑｕｉｓｉｔｉｏｎｓ. Ｉｎ               ｅｆｆｏｒｔ               ｔｏ               ｅｘｐａｎｄ               ｉｎｔｏ               ｔｈｅ               Ｕｎｉｔｅｄ               Ｓｔａｔｅｓ'               ｅｌｅｃｔｒｏｎｉｃ               ｉｎｄｕｓｔｒｙ,               Ａｖｒａｌ               ｗｏｕｌｄ               ｌｉｋｅ               ｔｏ               ａｃｑｕｉｒｅ               ＬＥＩ. Ｉｆ               ｔｈｉｓ               ａｃｑｕｉｓｉｔｉｏｎ               ｏｆ               ＬＥＩ               ｇｏｅｓ               ｔｈｒｏｕｇｈ               ｉｔ               ｗｏｕｌｄ               ｇｒｅａｔｌｙ               ｅｎｈａｎｃｅ               Ｍｒ. Ｐａｇｅｔ'ｓ               ｒｅｓｕｍｅ'. Ｍｒ. Ｐｅｔｅｒ               Ｚａｃｋ,               ｉｓ               ｔｈｅ               Ｍａｎａｇｉｎｇ               Ｄｉｒｅｃｔｏｒ               ｏｆ               Ｓｉｌｖｅｒ               Ｓｏｃｋｓ               Ｃｏｍｐａｎｙ               (Ｃｏｍｐａｎｙ               Ｏｖｅｒｖｉｅｗ,               2008). Ｈｅ               ｉｓ               ｆｒｏｍ               ａ               ｗｅｌｌ               ｃｏｎｎｅｃｔｅｄ               Ｐｈｉｌａｄｅｌｐｈｉａ               ｆａｍｉｌｙ               ｗｉｔｈ               ａ               ｇｒｅａｔ               ｄｅａｌ               ｏｆ               ｏｌｄ               ｍｏｎｅｙ               (Ｃｏｍｐａｎｙ               Ｏｖｅｒｖｉｅｗ,               2008). Ｍｒ. Ｚａｃｋ               ｒｅｃｅｉｖｅｄ               ｈｉｓ               ｃｕｒｒｅｎｔ               ｐｏｓｉｔｉｏｎ               ａｔ               Ｓｉｌｖｅｒ               Ｓｏｃｋｓ               ｄｕｅ               ｔｏ               ｈｉｓ               ｆａｍｉｌｙ'ｓ               ｃｏｎｎｅｃｔｉｏｎｓ               (Ｃｏｍｐａｎｙ               Ｏｖｅｒｖｉｅｗ,               2008). Ｈｅ               ｉｓ               ｃｕｒｒｅｎｔｌｙ               ｒｅｐｒｅｓｅｎｔｉｎｇ               Ａｖｒａｌ               Ｅｌｅｃｔｒｏｎｉｃｓ               ａ               ｃｏｍｐａｎｙ               ｏｆ               ｗｈｉｃｈ               ｈｉｓ               ｏｌｄ               ｃｏｌｌｅｇｅ               ｒｏｏｍｍａｔｅ               ｗｈｏ               ｊｕｓｔ               ｈａｐｐｅｎｓ               ｔｏ               ｂｅ               ｔｈｅ               ｖｉｃｅ               ｐｒｅｓｉｄｅｎｔ               (Ｃｏｍｐａｎｙ               Ｏｖｅｒｖｉｅｗ,               2008). Ａｌｔｈｏｕｇｈ               Ｍｒ. Ｚａｃｋ               ｈａｓ               ｍａｄｅ               ｄｅａｌｓ               ｈａｐｐｅｎｓ               ｉｎ               ｔｈｅ               ｐａｓｔ               ｔｈｉｓ               ｗｏｕｌｄ               ｂｅ               ａｎ               ｅｘｃｅｌｌｅｎｔｏｐｐｏｒｔｕｎｉｔｙ               ｆｏｒ               ｈｉｍ               ｔｏ               ｓｈｏｗ               ｈｏｗ               ｄｅｓｅｒｖｉｎｇ               ｈｅ               ｉｓ               ｏｆ               ｈｉｓ               ｃｕｒｒｅｎｔ               ｐｏｓｉｔｉｏｎ               ａｔ               Ｓｉｌｖｅｒ               Ｓｏｃｋｓ.                Ｐｒｏｂｌｅｍ               Ｓｔａｔｅｍｅｎｔ                Ｌｅｓｔｅｒ               Ｅｌｅｃｔｒｏｎｉｃｓ               Ｉｎｃ. (ＬＥＩ)               ｉｓ               ｆａｃｅｄ               ｗｉｔｈ               ｔｈｅ               ｉｓｓｕｅ               ｏｆ               ｆｉｎａｎｃｉｎｇ               ｔｈｅ               ａｃｑｕｉｓｉｔｉｏｎ               ｏｆ               Ｓｈａｎｇ-ｗａ. Ｍａｎｙ               ｏｐｐｏｒｔｕｎｉｔｉｅｓ               ｅｘｉｓｔ               ｆｏｒ               ＬＥＩ,               ｈｏｗｅｖｅｒ,               ｎｏ               ｏｎｅ               ｓｔｒａｔｅｇｙ               ｗｉｌｌ               ｂｅ               ｔｈｅ               ｐｅｒｆｅｃｔ               ｆｉｔ. Ｄｅｔｅｒｍｉｎｉｎｇ               ｔｈｅ               ｂｅｓｔ               ｗａｙ               ｔｏ               ｄｉｖｅｒｓｉｆｙ               ｔｈｅ               ｆｉｎａｎｃｉｎｇ               ｆｏｒ               ｔｈｅ               ａｃｑｕｉｓｉｔｉｏｎ               ｉｓ               ｔｈｅ               ｍａｊｏｒ               ｉｓｓｕｅ. ＬＥＩ               ｉｓ               ｎｏｔ               ｉｎ               ａ               ｐｏｓｉｔｉｏｎ               ｔｏ               ｂｅ               ａｂｌｅ               ｔｏ               ｂｏｒｒｏｗ               ｅｎｏｕｇｈ               ｔｏ               ｃｏｖｅｒ               ｔｈｅ               ａｃｑｕｉｓｉｔｉｏｎ. Ａｎｙ               ｎｅｗ               ｓｔｏｃｋ               ｔｈａｔ               ｉｓ               ｉｓｓｕｅｄ               ｗｉｌｌ               ｌｏｗｅｒ               ｔｈｅ               ｖａｌｕｅ               ｏｆ               ｔｈｅ               ｃｕｒｒｅｎｔ               ｓｔｏｃｋ. Ｗｉｔｈ               ＬＥＩ'ｓ               ｉｎａｂｉｌｉｔｙ               ｔｏ               ｆｉｎａｎｃｅ               ａｌｌ               ｔｈｅ               ｍｏｎｅｙ               ｎｅｅｄｅｄ,               ｓｏｍｅ               ｎｅｗ               ｓｔｏｃｋ               ｗｉｌｌ               ｎｅｅｄ               ｔｏ               ｂｅ               ｉｓｓｕｅｄ,               ｂｕｔ               ｔｈｅ               ａｍｏｕｎｔ               ｈａｓ               ｔｏ               ｂｅ               ｄｅｔｅｒｍｉｎｅｄ               ｓｏ               ｃｕｒｒｅｎｔ               ｖａｌｕｅｓ               ｄｏ               ｎｏｔ               ｄｒｏｐ               ｄｒａｓｔｉｃａｌｌｙ.                Ｅｎｄ-Ｓｔａｔｅ               Ｇｏａｌｓ                Ｌｅｓｔｅｒ               Ｅｌｅｃｔｒｏｎｉｃｓ               Ｉｎｃ. (ＬＥＩ)               ｈａｓ               ｓｅｖｅｒａｌ               ｇｏａｌｓ               ｉｔ               ｗａｎｔｓ               ｔｏ               ａｃｃｏｍｐｌｉｓｈ. Ｔｈｅ               ｍｅｒｇｅｒ               ｗｉｔｈ               Ｓｈａｇ-ｗａ               Ｅｌｅｃｔｒｏｎｉｃｓ               (ＳＷＥ)               ｗｉｌｌ               ｅｎａｂｌｅ               ＬＥＩ               ｔｏ               ａｃｈｉｅｖｅ               ｔｈｅ               ｇｏａｌｓ               ｔｈｅｙ               ｈａｖｅ               ｓｅｔ. Ｏｎｅ               ｇｏａｌ               Ｌｅｉ               ｗａｎｔｓ               ｔｏ               ａｃｃｏｍｐｌｉｓｈ               ｉｓ               ｔｏ               ｐｒｅｓｅｒｖｅ               ｔｈｅ               ｃｏｍｐｅｔｉｔｉｖｅｎｅｓｓ               ａｎｄ               ｌｏｎｇｅｖｉｔｙ               ｏｆ               ｔｈｅ               ｃｏｍｐａｎｙ. Ｔｈｅ               ｐｏｓｓｉｂｌｅ               ｓａｌｅ               ｏｆ               ＳＷＥ               ｔｏ               ＴＥＣ               ｗｏｕｌｄ               ｈａｖｅ               ｈｕｒｔ               ＬＥＩ'ｓ               ｐｌａｃｅ               ｉｎ               ｔｈｅ               ｍａｒｋｅｔ               ａｎｄ               ｍｏｓｔ               ｌｉｋｅｌｙ               ｆｏｒｃｅ               ＬＥＩ               ｔｏ               ｓｅｌｌ               ｔｏ               Ａｖｒａｌ. Ｔｈｅ               ｍｅｒｇｅｒ               ｋｅｅｐｓ               ａ               ｌｏｎｇ               ｓｔａｎｄｉｎｇ               ｒｅｌａｔｉｏｎｓｈｉｐ               ｉｎｔａｃｔ               ａｎｄ               ＬＥＩ               ｉｎ               ｓｕｐｐｌｙ               ｏｆ               ｔｈｅ               ｃａｐａｃｉｔｏｒｓ               ｔｈｅｙ               ｎｅｅｄ.                Ｔｈｅ               ｍｅｒｇｅｒ               ｗｉｔｈ               ＳＷＥ               ｗｉｌｌ               ｆｏｒｃｅ               ＬＥＩ               ｔｏ               ｆｉｎａｎｃｅ               ｔｈｅ               ａｃｑｕｉｓｉｔｉｏｎ. ＬＥＩ               ｗｉｌｌ               ｕｓｅ               ａ               ｃｏｍｂｉｎａｔｉｏｎ               ｏｆ               ｄｉｆｆｅｒｅｎｔ               ｓｔｒａｔｅｇｉｅｓ               ｔｏ               ｆｉｎａｎｃｅ               ｔｈｅ               ａｃｑｕｉｓｉｔｉｏｎ. Ｕｓｉｎｇ               ｄｉｆｆｅｒｅｎｔ               ｆｉｎａｎｃｉｎｇ               ｓｔｒａｔｅｇｉｅｓ               ｗｉｌｌ               ｋｅｅｐ               ｓｔｏｃｋ               ｐｒｉｃｅｓ               ｆｒｏｍ               ｆａｌｌｉｎｇ               ｄｒａｓｔｉｃａｌｌｙ               ｂｙ               ｎｏｔ               ｉｓｓｕｉｎｇ               ａｌｌ               ｎｅｗ               ｓｔｏｃｋ               ｔｏ               ｆｉｎａｎｃｅ               ｔｈｅ               ａｃｑｕｉｓｉｔｉｏｎ. Ｔｈｅ               ｃｏｍｂｉｎａｔｉｏｎ               ｗｉｌｌ               ａｌｓｏ               ｋｅｅｐ               ＬＥＩ               ｆｒｏｍ               ｇｏｉｎｇ               ｉｎｔｏ               ｄｅｂｔ               ｔｏ               ｆａｒ               ａｎｄ               ｃａｕｓｅ               ｔｈｅｍ               ｔｏ               ｓｔｒｕｇｇｌｅ               ｆｉｎａｎｃｉａｌｌｙ.                Ｔｈｅ               ａｃｑｕｉｓｉｔｉｏｎ               ｏｆ               ＳＷＥ               ｗｉｌｌ               ｅｎｓｕｒｅ               ｔｈｅ               ｓｕｐｐｌｙ               ｏｆ               ｃａｐａｃｉｔｏｒｓ               ｎｅｅｄｅｄ               ｂｙ               ＬＥＩ               ｔｏ               ｃｏｎｔｉｎｕｅ               ｐｒｏｄｕｃｉｎｇ. Ｗｉｔｈｏｕｔ               ｔｈｅ               ｃａｐａｃｉｔｏｒｓ,               ＬＥＩ               ｗｏｕｌｄ               ｈａｖｅ               ｔｏ               ｏｕｔｓｏｕｒｃｅ               ｔｏ               ａｎｏｔｈｅｒ               ｃｏｍｐａｎｙ               ｐｏｓｓｉｂｌｙ               ｆｏｒ               ａ               ｈｉｇｈｅｒ               ｃｏｓｔ               ａｎｄ               ｂｅ               ｗｉｔｈｏｕｔ               ｔｈｅ               ｌｏｎｇ               ｓｔａｎｄｉｎｇ               ａｎｄ               ｗｏｒｋｉｎｇ               ｒｅｌａｔｉｏｎｓｈｉｐ               ｔｈｅｙ               ｈａｄ               ｗｉｔｈ               ＳＷＥ. Ｔｈｅ               ａｃｑｕｉｓｉｔｉｏｎ               ｗｉｌｌ               ａｌｓｏ               ｇｉｖｅ               ＬＥＩ               ｎｅｗ               ｐｒｏｄｕｃｔｓ               ｔｈａｔ               ｈａｖｅ               ｎｏｔ               ｐｒｏｄｕｃｅｄ               ｂｅｆｏｒｅ. ＬＥＩ               ｃａｎ               ｕｓｅ               ｔｈｅ               ｎｅｗ               ｐｒｏｄｕｃｔｓ               ｔｈｅｙ               ａｃｑｕｉｒｅ               ｔｏ               ｓｕｐｐｌｙ               ｏｔｈｅｒ               ｃｏｍｐａｎｉｅｓ               ａｎｄ               ｉｎｃｒｅａｓｅ               ｔｈｅｉｒ               ｐｒｏｆｉｔ               ｍａｒｇｉｎ. Ａｆｔｅｒ               ｔｈｅ               ａｃｑｕｉｓｉｔｉｏｎ               ｏｆ               ＳＷＥ               ａ               ｎｅｗ               ｆａｃｔｏｒｙ               ｗｉｌｌ               ｂｅ               ｌｅａｓｅｄ               ｉｎ               Ｋｏｒｅａ               ｅｘｐａｎｄｉｎｇ               ＬＥＩ'ｓ               ｍａｒｋｅｔ               ｉｎｔｏ               ｏｔｈｅｒ               ｒｅｇｉｏｎｓ. Ａｌｌ               ｔｈｅ               ｇｏａｌｓ               ｓｅｔ               ｗｉｌｌ               ｅｎｓｕｒｅ               ＬＥＩ'ｓ               ｃｏｍｐｅｔｉｔｉｖｅｎｅｓｓ,               ｌｏｎｇｅｖｉｔｙ,               ｉｎｃｒｅａｓｅ               ｐｒｏｆｉｔ,               ａｎｄ               ｇｉｖｅ               ＬＥＩ               ｂｅｔｔｅｒ               ｆｉｎａｎｃｉａｌ               ｓｔａｂｉｌｉｔｙ.                Ａｌｔｅｒｎａｔｉｖｅ               Ｓｏｌｕｔｉｏｎｓ                Ｗｈｅｎ               ｃｏｒｐｏｒａｔｉｏｎｓ               ｍｅｒｇｅ,               ｏｎｅ               ｏｆ               ｔｈｅｍ               ｉｓ               ｄｅｓｉｇｎａｔｅｄ               ａｓ               ｔｈｅ               ｓｕｒｖｉｖｉｎｇ               ｃｏｒｐｏｒａｔｉｏｎ. Ｗｈｉｌｅ               ａｃｑｕｉｒｉｎｇ               ａ               ｂｕｓｉｎｅｓｓ               ｔｈｒｏｕｇｈ               ｍｅｒｇｉｎｇ,               ｓｏｍｅ               ｃｏｍｐａｎｉｅｓ               ｍａｙ               ｂｅｌｉｅｖｅ               ｔｈｉｓ               ｔｏ               ｂｅ               ａｎ               ａｔｔｒａｃｔｉｖｅ               ａｌｔｅｒｎａｔｉｖｅ               ｃｏｍｐａｒｅｄ               ｔｏ               ｂｕｓｉｎｅｓｓ               ｆａｉｌｕｒｅ;               ｉｔ               ｄｏｅｓ               ｃａｒｒｙ               ｗｉｔｈ               ｉｔ               ｓｏｍｅ               ｃｏｎｓｅｑｕｅｎｃｅｓ. Ｔｈｅ               ｓｕｒｖｉｖｉｎｇ               ｃｏｒｐｏｒａｔｉｏｎ               ｃｏｎｔｉｎｕｅｓ               ｉｎ               ｅｘｉｓｔｅｎｃｅ               ｗｈｉｌｅ               ｔｈｅ               ａｃｑｕｉｒｅｄ               ｃｏｍｐａｎｙ               ｄｏｅｓ               ｎｏｔ. Ｉｎ               ａｄｄｉｔｉｏｎ,               ｔｈｅ               ｓｕｒｖｉｖｉｎｇ               ｃｏｒｐｏｒａｔｉｏｎ               ａｃｑｕｉｒｅｓ               ａｌｌ               ｔｈｅ               ｒｉｇｈｔｓ,               ｔｉｔｌｅ               ａｎｄ               ｉｎｔｅｒｅｓｔｓ               ｔｏ               ｒｅａｌ               ｅｓｔａｔｅ               ａｎｄ               ｏｔｈｅｒ               ｐｒｏｐｅｒｔｙ               ｏｗｎｅｄ               ｂｙ               ｔｈｅ               ｏｔｈｅｒ               ｃｏｒｐｏｒａｔｉｏｎ               ｗｉｔｈｏｕｔ               ｉｍｐａｉｒｍｅｎｔ               ｏｒ               ｅｎｃｕｍｂｒａｎｃｅｓ. Ｔｈｉｓ               ｗｏｕｌｄ               ｃｅｒｔａｉｎｌｙ               ｂｅ               ｏｆ               ｂｅｎｅｆｉｔ               ｔｏ               Ｌｅｓｔｅｒ               Ｅｌｅｃｔｒｏｎｉｃｓ,               Ｉｎｃ. (ＬＥＩ).                Ａｌｔｅｒｎａｔｉｖｅｓ               ｔｏ               ａ               ｍｅｒｇｅｒ               ａｒｅ               ｄｅｐｅｎｄｅｎｔ               ｏｎ               ｔｈｅ               ｔｙｐｅ,               ｓｉｚｅ,               ａｎｄ               ｐｕｒｐｏｓｅ               ｆｏｒ               ｔｈｅ               ｃｏ-ｍｉｎｇｌｉｎｇ               ｏｆ               ｔｗｏ               ｂｕｓｉｎｅｓｓｅｓ. Ｏｎｅ               ａｌｔｅｒｎａｔｉｖｅ               ｃｏｕｌｄ               ｂｅ               ｔｈａｔ               ｏｆ               ｔｈｅ               ｆｏｒｍａｔｉｏｎ               ｏｆ               ａ               ｐａｒｔｎｅｒｓｈｉｐ               ｗｈｅｒｅ               ｅａｃｈ               ｏｗｎｅｒ               ｓｈａｒｅｓ               ｗｉｔｈ               ｅａｃｈ               ｏｔｈｅｒ               ｔｈｅ               ｐｒｏｆｉｔｓ'               ｏｒ               ｌｏｓｓｅｓ               ｏｆ               ｔｈｅ               ｂｕｓｉｎｅｓｓ. Ｓｅｖｅｒａｌ               ｔｙｐｅｓ               ｏｆ               ｐａｒｔｎｅｒｓｈｉｐｓ               ａｒｅ               ａｖａｉｌａｂｌｅ               ｆｏｒ               ｃｏｎｓｉｄｅｒａｔｉｏｎ               ｈｏｗｅｖｅｒ,               ｆｏｒ               ｔｈｉｓ               ｐａｐｅｒ               ａ               ｓｉｌｅｎｔ               ｐａｒｔｎｅｒｓｈｉｐ               ｍｉｇｈｔ               ｂｅ               ａ               ｆｅａｓｉｂｌｅ               ｏｐｔｉｏｎ. Ｂｅｃａｕｓｅ               ｔｈｅ               ｓｉｌｅｎｔ               ｐａｒｔｎｅｒ               ｓｔｉｌｌ               ｓｈａｒｅｓ               ｉｎ               ｔｈｅ               ｐｒｏｆｉｔｓ               ａｎｄ               ｌｏｓｓｅｓ               ｂｕｔ               ｉｓ               ｕｎ-ｉｎｖｏｌｖｅｄ               ｉｎ               ｉｔｓ               ｍａｎａｇｅｍｅｎｔ               ｗｈｉｃｈ               ｗｏｕｌｄ               ｂｅ               ｉｎ-ｌｉｎｅ               ｗｉｔｈ               Ｊｏｈｎ               Ｌｉｎｓ'               ｄｅｓｉｒｅ               ｔｏ               ｂｅ               ｗｉｔｈ               ｈｉｓ               ｆａｍｉｌｙ. Ａｎｏｔｈｅｒ               ａｌｔｅｒｎａｔｉｖｅ               ｗｏｕｌｄ               ｂｅ               ｆｏｒ               Ｓｈａｎｇ-ｗａ               Ｅｌｅｃｔｒｏｎｉｃｓ               (ＳＷＥ)               ｔｏ               ｒｅｏｒｇａｎｉｚｅ               ｉｔｓ               ｆｉｎａｎｃｉａｌ               ａｎｄ               ｓａｌｅｓ               ｐｅｒｓｏｎｎｅｌ               ｉｎｔｅｒｅｓｔ               ｔｏ               ｉｎｃｌｕｄｅ               ｄｉｖｅｒｓｉｆｙｉｎｇ               ｉｎｔｏ               ｄｉｓｔｒｉｂｕｔｉｎｇ               ｔｈｅ               ｃａｐａｃｉｔｏｒｓ               ｆｒｏｍ               ｈｉｓ               ｃｏｍｐａｎｙ               ｗｉｔｈｏｕｔ               ＬＥＩ. Ｈｏｗｅｖｅｒ,               ｔｈｉｓ               ｗｏｕｌｄ               ｒｅｑｕｉｒｅ               ｔｈａｔ               Ｊｏｈｎ               Ｌｉｎ               ｒｅｍａｉｎ               ａｓ               ＣＥＯ               ｏｆ               ｈｉｓ               ｃｏｍｐａｎｙ               ｕｎｌｅｓｓ               ｈｅ               ｒｅｌｉｎｑｕｉｓｈｅｓ               ｈｉｓ               ｔｉｔｌｅ               ａｎｄ               ｒｅｓｐｏｎｓｉｂｉｌｉｔｉｅｓ'               ｔｏ               ａｎｏｔｈｅｒ. Ａ               ｒｅｖｅｒｓｅ               ｉｎ               ｍｅｒｇｅｒ               ｄｉｒｅｃｔｉｏｎ               ｃａｎ               ｂｅ               ｃｏｎｓｉｄｅｒｅｄ               ｗｉｔｈ               ＳＷＥ               ａｃｑｕｉｒｉｎｇ               ＬＥＩ               ａｎｄ               ｂｅｃｏｍｉｎｇ               ｔｈｅ               ｐｒｉｍａｒｙ               ｓｕｒｖｉｖｉｎｇ               ｃｏｍｐａｎｙ               ｔｈｉｓ               ｉｓ               ｎｏｔ               ｌｉｋｅｌｙ               ｂｕｔ               ｉｓ               ａｎ               ａｌｔｅｒｎａｔｉｖｅ. Ｏｔｈｅｒ               ａｌｔｅｒｎａｔｉｖｅｓ               ａｒｅ               ｆｏｒ               ＬＥＩ               ｔｏ               ｒｅｏｒｇａｎｉｚｅ               ｉｔｓ               ｉｎｔｅｒｎａｌ               ｓｔｒｕｃｔｕｒｅ               ｔｏ               ｉｎｃｌｕｄｅ               ｉｎｔｅｒｎｅｔ               ｅｘｃｌｕｓｉｖｅ               ｃｏｍｍｅｒｃｅ               ｔｈａｔ               ｗｉｌｌ               ｌｏｗｅｒ               ｔｈｅ               ｎｅｅｄ               ｆｏｒ               ｄｕａｌｉｔｙ               ｏｆ               ｐｅｒｓｏｎｎｅｌ               ａｎｄ               ｉｎｃｒｅａｓｅ               ｉｔｓ               ｐｒｏｆｉｔ               ｒａｔｉｏ               ｔｈｒｏｕｇｈ               ｓｔｒｏｎｇ               ｃａｐｉｔａｌ               ｂｕｄｇｅｔｉｎｇ. Ｓｔｒｅａｍｌｉｎｅ               ｔｈｅ               ｐｅｒｓｏｎｎｅｌ               ａｎｄ               ｓａｖｅ               ｏｎ               ｔａｘ               ｃｏｎｔｒｉｂｕｔｉｏｎｓ               ｆｒｏｍ               ｔｈｅｉｒ               ｅａｒｎｉｎｇｓ. Ｃｒｅａｔｉｎｇ               ａ               ｇｌｏｂａｌ               ｂｕｓｉｎｅｓｓ               ｗｉｔｈｏｕｔ               ｈａｖｉｎｇ               ｍｕｌｔｉ-ｆａｃｉｌｉｔｉｅｓ               ａｎｄ               ｏｐｅｒａｔｉｎｇ               ｆｒｏｍ               ａ               ｃｅｎｔｒａｌ               ｐｌａｎｔ               ｔｏ               ｂｅ               ｄｅｔｅｒｍｉｎｅｄ               ｐｏｓｔ               ｍｅｒｇｅｒ               ｓａｖｉｎｇ               ｃａｓｈ               ｆｌｏｗ               ｔｈｒｏｕｇｈ               ｂｕｄｇｅｔ               ｃｏｎｔｒｏｌ               ｗｉｌｌ               ａｓｓｉｓｔ               ｉｎ               ｍａｘｉｍｉｚｉｎｇ               ｓｈａｒｅｈｏｌｄｅｒ               ｗｅａｌｔｈ. Ｉｓｓｕｉｎｇ               ａｄｄｉｔｉｏｎａｌ               ｓｔｏｃｋ               ｔｏ               ａｔｔａｉｎ               ｆｉｎａｎｃｉａｌ               ｒｅｓｏｕｒｃｅｓ'               ｔｏ               ａｃｑｕｉｒｅ               ｃｏｍｐｕｔｅｒ               ｅｑｕｉｐｍｅｎｔ,               ｓｐｅｃｉａｌｉｚｅｄ               ｄａｔａ               ｅｎｔｒｙ               ｓｙｓｔｅｍｓ,               ａｎｄ               ｔｒａｉｎｉｎｇ               ｏｆ               ｐｅｒｓｏｎｎｅｌ               ｗｉｌｌ               ｂｅ               ｎｅｃｅｓｓａｒｙ               ｆｏｒ               ｔｈｉｓ               ａｌｔｅｒｎａｔｉｖｅ. Ｆｉｎａｌｌｙ,               ａｎ               ｕｎｌｉｋｅｌｙ               ａｌｔｅｒｎａｔｉｖｅ               ｉｓ               ｔｏ               ａｌｌｏｗ               ｔｈｅ               ｂｉｄ               ｆｏｒ               ＬＥＩ               ｔｏ               ｐｒｏｃｅｅｄ. Ｌｏｓｉｎｇ               ｙｅａｒｓ               ｏｆ               ｈａｒｄ               ｗｏｒｋ               ａｎｄ               ｓａｃｒｉｆｉｃｅ               ａｌｏｎｇ               ｗｉｔｈ               ａ               ｃｏｍｐａｎｙ               ｏｎ               ｔｈｅ               ｖｅｒｇｅ               ｏｆ               ｓｕｃｃｅｓｓ               ｉｓ               ｗｈａｔ               ｍａｋｅｓ               ｔｈｉｓ               ａｎ               ｕｎｌｉｋｅｌｙ               ｓｃｅｎａｒｉｏ               ａｓ               ｗｅｌｌ               ａｓ               ａ               ｗａｓｔｅｄ               ｅｎｄｅａｖｏｒ.                Ａｎａｌｙｓｉｓ               ｏｆ               Ａｌｔｅｒｎａｔｉｖｅ               Ｓｏｌｕｔｉｏｎｓ                Ａｆｔｅｒ               ａ               ｃａｒｅｆｕｌ               ａｎａｌｙｓｉｓ               ｏｆ               Ｌｅｓｔｅｒ               Ｅｌｅｃｔｒｏｎｉｃｓ,               Ｉｎｃ. (ＬＥＩ)               ａｌｔｅｒｎａｔｉｖｅ               ｓｏｌｕｔｉｏｎｓ               ｔａｂｌｅ,               ｔｈｒｅｅ               ｉｎｄｉｃａｔｅｓ               ｔｈｅ               ｒａｔｉｎｇ               ｍａｔｒｉｘ               ｏｆ               ｈｏｗ               ｔｈｅ               ｆｉｎａｌ               ｓｏｌｕｔｉｏｎ               ｗａｓ               ｄｅｔｅｒｍｉｎｅｄ. Ｔｈｅ               ｏｂｊｅｃｔｉｖｅ               ｏｆ               ＬＥＩ               ｄｅｃｉｓｉｏｎ               ｔｏ               ｐｒｏｃｅｅｄ               ｗｉｔｈ               ｔｈｅ               ｍｅｒｇｅｒ               ｗａｓ               ｔｏ               ｍａｘｉｍｉｚｅ               ｓｈａｒｅｈｏｌｄｅｒｓ               ｗｅａｌｔｈ,               ｒｅｍａｉｎｓ               ｃｏｍｐｅｔｉｔｉｖｅ               ｗｉｔｈｉｎ               ｔｈｅ               ｉｎｄｕｓｔｒｙ,               ａｎｄ               ｔｏ               ｍａｎｕｆａｃｔｕｒｅ               ｎｅｗ               ｐｒｏｄｕｃｔｓ. Ｔｈｅ               ｆｉｒｓｔ               ａｌｔｅｒｎａｔｉｖｅ               ｗａｓ               ｔｏ               ｆｏｒｍ               ａ               ｐａｒｔｎｅｒｓｈｉｐ               ｒａｔｅｄ               2.17. Ｃｈｏｏｓｉｎｇ               ｔｈｉｓ               ａｌｔｅｒｎａｔｉｖｅ               ｃｏｕｌｄ               ｈｅｌｐ               ｗｉｔｈ               ｔｈｅ               ｐｒｏｂｌｅｍ               ｏｆ               ｍａｘｉｍｉｚｉｎｇ               ｓｈａｒｅｈｏｌｄｅｒｓ               ｗｅａｌｔｈ               ａｎｄ               ｅｖｅｎ               ｈｅｌｐ               ｔｈｅ               ｎｅｗ               ｐａｒｔｎｅｒｓｈｉｐ               ｂｅ               ｃｏｍｐｅｔｉｔｉｖｅ               ｂｕｔ               ｒｉｓｋｓ               ｅｘｉｓｔ               ｔｈａｔ               ｗｏｕｌｄ               ｍａｋｅ               ｔｈｉｓ               ａ               ｍｏｒｅ               ｖｉａｂｌｅ               ｓｏｌｕｔｉｏｎ               ｆｏｒ               ｅｉｔｈｅｒ               ＬＥＩ               ｏｒ               Ｓｈａｎｇ-ｗａ               Ｅｌｅｃｔｒｏｎｉｃｓ               (ＳＷＥ). Ｔｈｅ               ｓｅｃｏｎｄ               ａｌｔｅｒｎａｔｉｖｅ               ｉｎｖｏｌｖｅｓ               ｔｈｅ               ｒｅｓｔｒｕｃｔｕｒｉｎｇ               ｏｆ               ｔｈｅ               ｃｏｍｐａｎｙ'ｓ. Ｗｉｔｈ               ａ               ｒａｔｉｎｇ               ｏｆ               1.42,               ｔｈｉｓ               ｗｏｕｌｄ               ｂｅ               ａ               ｓｅｃｏｎｄ               ｏｐｔｉｏｎ               ｔｈａｔ               ｗｉｌｌ               ｈｅｌｐ               ＬＥＩ               ｆｉｎａｎｃｅ               ｔｈｅ               ａｃｑｕｉｓｉｔｉｏｎ               ｏｆ               ＳＷＥ               ｗｈｉｌｅ               ｒｅｄｕｃｉｎｇ               ｒｉｓｋｓ. Ｂｙ               ｕｓｉｎｇ               ｄｉｖｅｒｓｉｆｙｉｎｇ               ｔｅｃｈｎｉｑｕｅｓ,               ｔｈｉｓ               ｏｐｔｉｏｎ               ｗｏｕｌｄ               ｈｅｌｐ               ｗｉｔｈ               ｓｏｍｅ               ｏｆ               ｔｈｅ               ｐｏｔｅｎｔｉａｌ               ｒｉｓｋｓ               ｔｈａｔ               ＬＥＩ               ｗｉｌｌ               ｂｅ               ｆａｃｉｎｇ. Ｔｈｅ               ｔｈｉｒｄ               ａｌｔｅｒｎａｔｉｖｅ               ｒａｔｅｓ               ａ               1.00. ＬＥＩ               ｍａｎａｇｅｍｅｎｔ               ｗｏｕｌｄ               ｂｅ               ａｂｌｅ               ｔｏ               ｍａｘｉｍｉｚｅ               ｓｈａｒｅｈｏｌｄｅｒｓ               ｗｅａｌｔｈ               ａｎｄ               ｒｅｍａｉｎ               ｃｏｍｐｅｔｉｔｉｖｅ               ｔｈｉｓ               ｏｐｔｉｏｎ               ｐｒｏｖｉｄｅｓ               ｔｈｅ               ｇｒｅａｔｅｓｔ               ｐｒｏｔｅｃｔｉｏｎ               ａｇａｉｎｓｔ               ｒｉｓｋｓ               ｂｏｔｈ               ｄｏｍｅｓｔｉｃａｌｌｙ               ａｎｄ               ｉｎ               ｆｏｒｅｉｇｎ               ｃｏｕｎｔｒｉｅｓ.                Ｗｈｅｎ               ｓｅｌｅｃｔｉｎｇ               ｔｈｅ               ｂｅｓｔ               ａｌｔｅｒｎａｔｉｖｅ               ｔｏ               ｐｒｏｃｅｅｄ               ｗｉｔｈ               ａｌｌ               ｆａｃｔｏｒｓ               ｔｈａｔ               ｗｉｌｌ               ａｆｆｅｃｔ               ｔｈｅ               ｂｕｓｉｎｅｓｓ               ｖｅｎｔｕｒｅ               ｍｕｓｔ               ｂｅ,               ｃｏｎｓｉｄｅｒ               ａｎｄ               ｗｅｉｇｈｔ               ａｇａｉｎｓｔ               ｔｈｅ               ｇｏａｌｓ               ｏｆ               ｔｈｅ               ｂｕｓｉｎｅｓｓ               ｔｏ               ｅｎｓｕｒｅ               ｔｈａｔ               ｔｈｅ               ｂｅｓｔ               ｓｏｌｕｔｉｏｎ               ｉｓ               ｃｈｏｓｅｎ               ｔｈａｔ               ｗｉｌｌ               ｈｅｌｐ               ｔｈｅ               ｃｏｍｐａｎｙ               ｉｎ               ｔｈｅ               ｌｏｎｇ-ｔｅｒｍ. Ｓｉｎｃｅ               ＬＥＩ               ｈａｓ               ｃｏｎｓｉｄｅｒｅｄ               ｔｈｅ               ａｌｔｅｒｎａｔｉｖｅ               ｔｈａｔ               ｗｉｌｌ               ｈｅｌｐ               ｗｉｔｈ               ｔｈｅ               ａｃｑｕｉｓｉｔｉｏｎ               ｏｆ               ＳＷＥ,               ＬＥＩ               ｍｕｓｔ               ｃｏｎｓｉｄｅｒ               ｔｈｅ               ｐｏｔｅｎｔｉａｌ               ｒｉｓｋｓ               ｉｎｖｏｌｖｅｄ               ｗｉｔｈ               ｅａｃｈ               ａｌｔｅｒｎａｔｉｖｅ.                Ｒｉｓｋ               Ａｓｓｅｓｓｍｅｎｔ               ａｎｄ               Ｍｉｔｉｇａｔｉｏｎ               Ｔｅｃｈｎｉｑｕｅｓ                Ｗｈｅｎ               ｃｅｒｔａｉｎ               ｂｕｓｉｎｅｓｓ               ｄｅｃｉｓｉｏｎｓ               ａｒｅ               ｍａｄｅ,               ｍａｎａｇｅｒｓ               ｎｅｅｄ               ｔｏ               ｌｏｏｋ               ｂｅｙｏｎｄ               ｔｈｅ               ｏｂｖｉｏｕｓ               ｒｉｓｋｓ               ａｎｄ               ｒｅｃｏｇｎｉｚｅ               ａｌｌ               ｓｏｕｒｃｅｓ               ｏｆ               ｕｎｃｅｒｔａｉｎｔｙ. Ｔｈｅ               ａｂｉｌｉｔｙ               ｔｏ               ｒｅｃｏｇｎｉｚｅ               ａｎｄ               ｔａｋｅ               ａｄｖａｎｔａｇｅ               ｏｆ               ｔｒｅｎｄｓ               ａｎｄ               ｏｐｐｏｒｔｕｎｉｔｉｅｓ               ｂｙ               ｉｄｅｎｔｉｆｙｉｎｇ               ａｎｄ               ｍｉｔｉｇａｔｉｎｇ               ｔｈｅｓｅ               ｗｅａｋｎｅｓｓｅｓ               ａｎｄ               ｔｈｒｅａｔｓ               ｗｉｌｌ               ｂｅ               ｃｒｕｃｉａｌ               ｔｈｅ               ｍｅｒｇｅｒ               ｂｅｔｗｅｅｎ               Ｌｅｓｔｅｒ               Ｅｌｅｃｔｒｏｎｉｃｓ,               Ｉｎｃ. (ＬＥＩ)               ａｎｄ               Ｓｈａｎｇ-ｗａ               Ｅｌｅｃｔｒｏｎｉｃｓ               (ＳＷＥ)               ｉｓ               ｃｒｉｔｉｃａｌ. ＬＥＩ               ｈａｖｅ               ｎａｒｒｏｗｅｄ               ｔｈｅｉｒ               ｐｏｓｓｉｂｌｅ               ａｌｔｅｒｎａｔｉｖｅｓ               ｄｏｗｎ               ｔｏ               ｆｏｒｍｉｎｇ               ａ               ｐａｒｔｎｅｒｓｈｉｐ,               ｄｉｖｅｒｓｉｆｙｉｎｇ,               ａｎｄ               ｇｌｏｂａｌ               ｂｕｓｉｎｅｓｓ.                Ｂｙ               ｆｏｒｍｉｎｇ,               ａ               ｐａｒｔｎｅｒｓｈｉｐ               (ｓｉｌｅｎｔ)               ｔｈｉｓ               ｗｏｕｌｄ               ｅｘｐｏｓｅ               ＬＥＩ               ａｎｄ               ＳＷＥ               ｔｏ               ｃｅｒｔａｉｎ               ｒｉｓｋｓ               ａｎｄ               ｃｏｎｓｅｑｕｅｎｃｅｓ               ｔｈａｔ               ｅａｃｈ               ｐａｒｔｎｅｒ               ｍｕｓｔ               ｐｒｏｔｅｃｔ               ｔｈｅｍｓｅｌｖｅｓ               ｆｒｏｍ               ｌｅｇａｌ               ｒａｍｉｆｉｃａｔｉｏｎｓ. Ｓｏｍｅ               ｏｆ               ｔｈｅ               ｒｉｓｋｓ               ａｓｓｏｃｉａｔｅｄ               ｗｉｔｈ               ｔｈｉｓ               ａｌｔｅｒｎａｔｉｖｅ               ａｒｅ               ｔｈｅ               ｐｏｔｅｎｔｉａｌ               ｆｏｒ               ｇｒｅａｔｅｒ               ｐｅｒｓｏｎａｌ               ｌｉａｂｉｌｉｔｙ               ａｓ               ｏｐｐｏｓｅｄ               ｔｏ               ｆｏｒｍｉｎｇ               ａ               ｃｏｒｐｏｒａｔｉｏｎ               ｗｉｔｈ               ｔｈｉｓ               ｔｙｐｅ               ｏｆ               ｐａｒｔｎｅｒｓｈｉｐ               ｒａｉｓｉｎｇ               ａｄｄｉｔｉｏｎａｌ               ｃａｐｉｔａｌ               ｍｉｇｈｔ               ｂｅ               ｄｉｆｆｉｃｕｌｔ. Ａｌｔｈｏｕｇｈ               ａ               ｓｉｌｅｎｔｐａｒｔｎｅｒ               ｉｓ               ｉｎａｃｔｉｖｅ               ｉｎ               ｔｈｅ               ｏｐｅｒａｔｉｏｎ               ｏｆ               ｔｈｅ               ｂｕｓｉｎｅｓｓ,               ｔｈｅｙ               ｈａｖｅ               ｌｅｇａｌ               ｏｂｌｉｇａｔｉｏｎｓ               ａｎｄ               ｂｅｎｅｆｉｔｓ               ｏｆ               ｏｗｎｅｒｓｈｉｐ,               ａｎｄ               ａｒｅ               ｔｈｅｒｅｆｏｒｅ,               ｆｕｌｌｙ               ｌｉａｂｌｅ               ｆｏｒ               ａｎｙ               ｄｅｂｔｓ               (Ｂｌｏｏｍｓｂｕｒｙ               Ｂｕｓｉｎｅｓｓ               Ｌｉｂｒａｒｙ,               2007,               ｐ. 6832). Ｔｈｅ               ｐａｒｔｎｅｒｓｈｉｐ               ｉｓ               ｄｉｓｓｏｌｖｅ               ｗｈｅｎ               ｅｉｔｈｅｒ               ｏｆ               ｔｈｅ               ｐａｒｔｎｅｒｓ               ｄｉｅｓ               ａｎｄ               ｔｈｅ               ｔｒａｎｓｆｅｒ               ｏｆ               ｏｗｎｅｒｓｈｉｐ               ｉｓ               ｄｉｆｆｉｃｕｌｔ. Ｗｉｔｈ               ｔｈｉｓ               ｔｙｐｅ               ｏｆ               ｐａｒｔｎｅｒｓｈｉｐ,               ｌｅｇａｌ               ｐｒｏｂｌｅｍ               ｍａｙ               ａｒｉｓｅ               ｉｎ               ｗｈｉｃｈ               ＬＥＩ               ａｎｄ               ＳＷＥ               ｓｈｏｕｌｄ               ｐｒｅｐａｒｅ               ａｎ               Ａｒｔｉｃｌｅ               ｏｆ               Ｐａｒｔｎｅｒｓｈｉｐ               ｔｈａｔ               ｗｉｌｌ               ｓｔａｔｅ               ｗｈａｔ               ｅａｃｈ               ｐａｒｔｎｅｒｓ               ｂｕｓｉｎｅｓｓ               ｒｅｌａｔｉｏｎｓｈｉｐ               ｔｏ               ｔｈｅ               ｃｏｍｐａｎｙ               ｗｏｕｌｄ               ｂｅ. Ｔｈｅ               Ａｒｔｉｃｌｅｓ               ｏｆ               Ｐａｒｔｎｅｒｓｈｉｐ               ｓｈｏｕｌｄ               ｉｎｃｌｕｄｅ               ｔｈｅ               ｐｌａｃｅｍｅｎｔ               ｏｆ               ｃａｐｉｔａｌ,               ｌａｂｏｒ,               ｓｋｉｌｌ,               ａｎｄ               ｔｈｅ               ｓｈａｒｉｎｇ               ｏｆ               ｐｒｏｆｉｔｓ               ａｎｄ               ｌｏｓｓｅｓ. Ａｓ               ａ               ｌａｓｔ               ｒｅｓｏｒｔ,               ａｒｂｉｔｒａｔｏｒｓ               ｍａｙ               ｂｅ               ｃａｌｌｅｄ               ｉｎ               ｔｏ               ｈｅｌｐ               ｔｈｅ               ｐａｒｔｎｅｒｓ               ｓｅｔｔｌｅ               ｏｎ               ｇｏｉｎｇ               ｄｉｓｐｕｔｅｓ.                Ｔｈｅ               ｓｅｃｏｎｄ               ａｌｔｅｒｎａｔｉｖｅ               ｅｘａｍｉｎｅｓ               ｔｈｅ               ｒｉｓｋ               ｔｈａｔ               ＬＥＩ               ａｎｄ               ＳＷＥ               ｗｏｕｌｄ               ｆａｃｅ               ｉｆ               ｄｉｖｅｒｓｉｆｙｉｎｇ               ｗｅｒｅ               ｔｈｅ               ｃｈｏｓｅｎ               ｏｐｔｉｏｎ               ｆｏｒ               ｔｈｅ               ｎｅｗ               ｂｕｓｉｎｅｓｓ               ｖｅｎｔｕｒｅ. Ａ               ｍａｊｏｒ               ｆａｃｔｏｒ               ｔｈａｔ               ｉｎｆｌｕｅｎｃｅｓ               ｄｉｖｅｒｓｉｆｙ               ｒｉｓｋｓ               ｉｓ               ｕｎｓｙｓｔｅｍａｔｉｃ               ｒｉｓｋ               ａｎｄ               ｓｙｓｔｅｍａｔｉｃ               ｒｉｓｋ. Ｔｈｅｓｅ               ｒｉｓｋｓ               ｉｎｃｌｕｄｅ               ｅｖｅｎｔｓ               ｔｈａｔ               ｍａｙ               ｎｏｔ               ｂｅ               ｉｎ               ｔｈｅ               ｄｉｒｅｃｔ               ｃｏｎｔｒｏｌ               ｏｆ               ｍａｎａｇｅｍｅｎｔ               ｌｉｋｅ               ｓｔｒｉｋｅｓ,               ｎａｔｕｒａｌ               ｄｉｓａｓｔｅｒｓ,               ａ               ｆｉｒｅ,               ａｎｄ               ｅｖｅｎ               ｓｌｕｇｇｉｓｈ               ｓａｌｅｓ               ｔｈａｔ               ｗｉｌｌ               ｒｅｓｕｌｔ               ｉｎ               ｅｉｔｈｅｒ               ｂｕｓｉｎｅｓｓ               ｏｒ               ｆｉｎａｎｃｉａｌ               ｒｉｓｋｓ. Ｄｉｖｅｒｓｉｆｉｃａｔｉｏｎ               ｃａｎ               ｈｅｌｐ               ｔｏ               ｒｅｄｕｃｅ               ｐｏｒｔｆｏｌｉｏ               ｒｉｓｋ               ｂｙ               ｅｌｉｍｉｎａｔｉｎｇ               ｕｎ-ｓｙｓｔｅｍａｔｉｃ               ｒｉｓｋ               ｆｏｒ               ｗｈｉｃｈ               ｉｎｖｅｓｔｏｒｓ               ａｒｅ               ｎｏｔ               ｒｅｗａｒｄｅｄ. Ｉｎｖｅｓｔｏｒｓ               ａｒｅ               ｒｅｗａｒｄｅｄ               ｆｏｒ               ｔａｋｉｎｇ               ｍａｒｋｅｔ               ｒｉｓｋ. Ｂｅｃａｕｓｅ               ｄｉｖｅｒｓｉｆｉｃａｔｉｏｎ               ａｖｅｒａｇｅｓ               ｔｈｅ               ｒｅｔｕｒｎｓ               ｏｆ               ｔｈｅ               ａｓｓｅｔｓ               ｗｉｔｈｉｎ               ｔｈｅ               ｐｏｒｔｆｏｌｉｏ,               ｉｔ               ａｔｔｅｎｕａｔｅｓ               ｔｈｅ               ｐｏｔｅｎｔｉａｌ               ｈｉｇｈｓ               (ａｎｄ               ｌｏｗｓ). Ｄｉｖｅｒｓｉｆｉｃａｔｉｏｎ               ａｍｏｎｇ               ｃｏｍｐａｎｉｅｓ,               ｉｎｄｕｓｔｒｉｅｓ               ａｎｄ               ａｓｓｅｔ               ｃｌａｓｓｅｓ               ａｆｆｏｒｄｓ               ｔｈｅ               ｉｎｖｅｓｔｏｒ               ｔｈｅ               ｇｒｅａｔｅｓｔ               ｐｒｏｔｅｃｔｉｏｎ               ａｇａｉｎｓｔ               ｂｕｓｉｎｅｓｓ               ｒｉｓｋ,               ｆｉｎａｎｃｉａｌ               ｒｉｓｋ               ａｎｄ               ｖｏｌａｔｉｌｉｔｙ               (ＴＤ               Ａｍｅｒｉｔｒａｄｅ,               Ｉｎｃ. 2003). ＬＥＩ               ｃａｎ               ｐｒｏｔｅｃｔ               ｔｈｅ               ｃｏｍｐａｎｙ               ａｇａｉｎｓｔ               ｆｉｒｅｓ               ｂｙ               ｐｕｒｃｈａｓｉｎｇ               ｉｎｓｕｒａｎｃｅ               ｔｈａｔ               ｗｉｌｌ               ｃｏｖｅｒ               ｔｈｅ               ｃｏｍｐａｎｙ'ｓ               ａｓｓｅｔｓ               ｉｎ               ｔｈｅ               ｅｖｅｎｔ               ｔｈａｔ               ｆｉｒｅ               ｈａｐｐｅｎｓ. Ｓｉｎｃｅ               ｓｏｍｅ               ｉｎｓｕｒａｎｃｅ               ｃｏｍｐａｎｙ'ｓ               ａｒｅ               ｒｅｌｕｃｔａｎｔ               ｔｏ               ｉｎｓｕｒｅ               ｂｕｓｉｎｅｓｓｅｓ               ａｇａｉｎｓｔ               ｎａｔｕｒａｌ               ｄｉｓａｓｔｅｒｓ               ＬＥＩ               ｓｈｏｕｌｄ               ｌｏｏｋ               ｉｎｔｏ               ｏｔｈｅｒ               ｍｅａｓｕｒｅｓ               ｔｈａｔ               ｗｉｌｌ               ａｌｌｅｖｉａｔｅ               ｔｈｉｓ               ｒｉｓｋ. Ｔｏ               ｐｒｏｔｅｃｔ               ａｇａｉｎｓｔ               ｓｌｕｇｇｉｓｈ               ｓａｌｅｓ               ｏｆ               ａ               ｐａｒｔｉｃｕｌａｒ               ｐｒｏｄｕｃｔ               ｔｈｅ               ｃｏｍｐａｎｙ               ｃａｎ               ｉｎｔｒｏｄｕｃｅ               ｎｅｗ               ｐｒｏｄｕｃｔｓ               ｔｏ               ｔｈｅ               ｍａｒｋｅｔ               ｔｈａｔ               ｗｏｕｌｄ               ｇｅｎｅｒａｔｅ               ｃａｓｈ               ｆｌｏｗ.                Ｔｈｅ               ｆｉｎａｌ               ｒｉｓｋｓ               ａｎａｌｙｓｉｓ               ｉｎｖｏｌｖｅｓ               ａ               ｇｌｏｂａｌ               ｂｕｓｉｎｅｓｓ               ｗｈｅｒｅ               ｃｕｒｒｅｎｃｙ               ｅｘｐｏｓｕｒｅ               (ｅｘｃｈａｎｇｅ               ｒａｔｅ)               ｗｏｕｌｄ               ｂｅ               ａ               ｂｉｇ               ｒｉｓｋ. Ｓｉｎｃｅ               ＬＥＩ               ｗｉｌｌ               ｂｅ               ｃｏｎｄｕｃｔｉｎｇ               ｂｕｓｉｎｅｓｓ,               ｔｒａｎｓａｃｔｉｏｎ               ｉｎ               ａ               ｆｏｒｅｉｇｎ               ｃｏｕｎｔｒｙ               ｂｕｔ               ｓｔｉｌｌ               ｍａｉｎｔａｉｎｉｎｇ               ｔｈｅｉｒ               ｄｏｍｅｓｔｉｃ               ｃｏｍｐａｎｙ               ＬＥＩ               ｗｏｕｌｄ               ｆａｃｅ               ｃｅｒｔａｉｎ               ｅｘｃｈａｎｇｅ               ｒｉｓｋｓ               ｉｆ               ｔｈｅｙ               ｐｕｒｓｕｅ               ａｎ               ｉｎｄｅｐｅｎｄｅｎｔ               ｍｏｎｅｔａｒｙ               ｐｏｌｉｃｙ. Ｔｏ               ａｖｏｉｄ               ｃｕｒｒｅｎｃｙ               ｃｒｉｓｅｓ,               ａ               ｃｏｕｎｔｒｙ               ｃａｎ               ｈａｖｅ               ａ               ｆｉｘｅｄ               ｅｘｃｈａｎｇｅ               ｒａｔｅ               ｏｒ               ｆｌｅｘｉｂｌｅ               ｅｘｃｈａｎｇｅ               ｒａｔｅ,               ｂｕｔ               ｎｏｔ               ａ               ｆｉｘｅｄ               ｙｅｔ               ａｄｊｕｓｔａｂｌｅ               ｅｘｃｈａｎｇｅ               ｒａｔｅ,               ｗｈｅｎ               ｉｎｔｅｒｎａｔｉｏｎａｌ               ｃａｐｉｔａｌ               ｍａｒｋｅｔｓ               ａｒｅ               ｉｎｔｅｇｒａｔｅｄ               (Ｅｕｎ               &               Ｒｅｓｎｉｃｋ,               2004,               ｐ. 52). ＬＥＩ               ｓｈｏｕｌｄ               ｃｏｎｓｉｄｅｒ               ｔｈｒｅｅ               ｒｉｓｋｓ               ｆａｃｔｏｒｓ               ｏｆ               ｃｕｒｒｅｎｃｙ               ｅｘｐｏｓｕｒｅ               ｗｈｅｎ               ｓｅｌｅｃｔｉｎｇ               ｔｈｅ               ｂｅｓｔ               ａｌｔｅｒｎａｔｉｖｅ               ｆｏｒ               ｔｈｅ               ｎｅｗ               ｂｕｓｉｎｅｓｓ               ｖｅｎｔｕｒｅ. Ｔｒａｎｓａｃｔｉｏｎ               ｅｘｐｏｓｕｒｅ               ｏｃｃｕｒｓｗｈｅｎ               ａ               ｃｏｍｐａｎｙ               ｆａｃｅｓ               ｃｏｎｔｒａｃｔｕａｌ               ｃａｓｈ               ｆｌｏｗｓ               ｔｈａｔ               ａｒｅ               ｆｉｘｅｄ               ｉｎ               ａ               ｆｏｒｅｉｇｎ               ｃｕｒｒｅｎｃｙ               ｗｈｅｒｅ               ｔｈｅ               ａｍｏｕｎｔ               ｏｆ               ｆｏｒｅｉｇｎ               ｃｕｒｒｅｎｃｙ               ｉｓ               ｒｅｃｅｉｖａｂｌｅ               ｏｒ               ｐａｙａｂｌｅ. Ｔｒａｎｓｌａｔｉｏｎａｌ               ｅｘｐｏｓｕｒｅ               ｉｓ               ｔｈｅ               ｒｉｓｋ               ｏｆ               ｔｈｅ               ｎｅｔ               ｗｏｒｔｈ               ｏｆ               ａ               ｃｏｍｐａｎｙ               ｃｈａｎｇｉｎｇ               ｂｅｃａｕｓｅ               ｏｆ               ｔｈｅ               ｆｌｕｃｔｕａｔｉｎｇ               ｈｏｍｅ               ｖａｌｕａｔｉｏｎ               ｏｆ               ａｓｓｅｔｓ               ａｎｄ               ｌｉａｂｉｌｉｔｉｅｓ               ｄｅｎｏｍｉｎａｔｅｄ               ｉｎ               ｆｏｒｅｉｇｎ               ｃｕｒｒｅｎｃｉｅｓ. Ｉｔ               ａｒｉｓｅｓ               ｆｒｏｍ               ｃｏｎｖｅｒｔｉｎｇ               ａ               ｍｕｌｔｉｎａｔｉｏｎａｌ'ｓ               ｏｖｅｒｓｅａｓ               ｓｕｂｓｉｄｉａｒｉｅｓ               ｔｒａｎｓｌａｔｅｄ               ｆｒｏｍ               ｌｏｃａｌ               ｃｕｒｒｅｎｃｙ               ｔｏ               ｈｏｍｅ               ｃｕｒｒｅｎｃｙ               ｐｒｉｏｒ               ｔｏ               ｃｏｎｓｏｌｉｄａｔｉｏｎ               ｗｉｔｈ               ｔｈｅ               ｐａｒｅｎｔ'ｓ               ｆｉｎａｎｃｉａｌ               ｓｔａｔｅｍｅｎｔｓ               (Ｌｅｃｔｕｒｅ               6,               2007). Ｅｃｏｎｏｍｉｃ               ｅｘｐｏｓｕｒｅ               ｏｃｃｕｒｓ               ｗｈｅｎ               ａ               ｃｏｍｐａｎｙ               ｃａｓｈ               ｆｌｏｗｓ               ａｎｄ               ｍａｒｋｅｔ               ｖａｌｕｅ               ａｒｅ               ａｆｆｅｃｔｅｄ               ｂｙ               ｕｎｅｘｐｅｃｔｅｄ               ｃｈａｎｇｅｓ               ｃａｕｓｅｄ               ｂｙ               ｅｘｃｈａｎｇｅ               ｒａｔｅｓ. Ｏｎｅ               ｔｅｃｈｎｉｑｕｅ               ｔｈｅ               ｃｏｍｐａｎｙ               ｃａｎ               ｕｓｅ               ｔｏ               ｐｒｏｔｅｃｔ               ｉｔｓｅｌｆ               ｆｒｏｍ               ｃｕｒｒｅｎｃｙ               ｅｘｐｏｓｕｒｅ               ｉｓ               ｔｈｒｏｕｇｈ               ｈｅｄｇｉｎｇ               ｗｈｉｃｈ               ｅｓｔａｂｌｉｓｈｅｓ               ａ               ｐｏｓｉｔｉｏｎ               ｆｏｒ               ｔｈｅ               ｃｏｍｐａｎｙ               ｔｏ               ｇａｉｎ               ｗｈａｔ               ｉｓ               ｌｏｓｔ               ｔｈｒｏｕｇｈ               ｃｕｒｒｅｎｃｙ               ｅｘｐｏｓｕｒｅ. Ｈｅｄｇｉｎｇ               ｃａｎ               ｒｅｄｕｃｅ               ｔｈｅ               ｃｏｍｐａｎｙ'ｓ               ｖｏｌａｔｉｌｉｔｙ               ｏｆ               ｃａｓｈ               ｆｌｏｗｓ               ｂｅｃａｕｓｅ               ｔｈｅ               ｃｏｍｐａｎｙ'ｓ               ｐａｙｍｅｎｔｓ               ａｎｄ               ｒｅｃｅｉｐｔｓ               ａｒｅ               ｎｏｔ               ｆｏｒｃｅｄ               ｔｏ               ｆｌｕｃｔｕａｔｅ               ｉｎ               ａｃｃｏｒｄａｎｃｅ               ｗｉｔｈ               ｃｕｒｒｅｎｃｙ               ｍｏｖｅｍｅｎｔｓ. Ｔｈｉｓ               ｃａｎ,               ｉｎ               ｔｈｅ               ｅｘｔｒｅｍｅ,               ｒｅｄｕｃｅ               ｔｈｅ               ｐｏｓｓｉｂｉｌｉｔｙ               ｏｆ               ｂａｎｋｒｕｐｔｃｙ               ａｎｄ               ｔｈｅｒｅｆｏｒｅ,               ａｌｌｏｗ               ｅａｓｉｅｒ               ａｃｃｅｓｓ               ｔｏ               ｃｒｅｄｉｔ               ａｎｄ               ｌｏｗｅｒ               ｉｎｔｅｒｅｓｔ               ｐａｙｍｅｎｔｓ               ｄｕｅ               ｔｏ               ｌｏｗｅｒ               ｐｅｒｃｅｉｖｅｄ               ｒｉｓｋ. Ｈｅｄｇｉｎｇ               ｓｈｏｕｌｄ               ａｌｓｏ               ａｌｌｏｗ               ｆｏｒ               ｇｒｅａｔｅｒ               ｃｅｒｔａｉｎｔｙ               ａｂｏｕｔ               ｆｕｔｕｒｅ               ｒｅｃｅｉｐｔｓ               ａｎｄ               ｐａｙｍｅｎｔｓ               ａｎｄ               ｃｏｎｓｅｑｕｅｎｔｌｙ               ｅｎｈａｎｃｅｄ               ｂｕｄｇｅｔａｒｙ               ｄｅｃｉｓｉｏｎｓ. Ｍｏｓｔ               ｈｅｄｇｉｎｇ               ｓｔｒａｔｅｇｉｅｓ               ａｒｅ               ｃｏｓｔｌｙ               ｉｎ               ｔｅｒｍｓ               ｏｆ               ｆｅｅｓ,               ｐｒｅｍｉｕｍｓ               ｏｒ               ｔｈｅ               ｔｉｍｅ               ｉｎｖｏｌｖｅｄ               (Ｌｅｃｔｕｒｅ               6,               2007).                Ｏｐｔｉｍａｌ               Ｓｏｌｕｔｉｏｎ                Ｉｎ               ｏｒｄｅｒ               ｆｏｒ               Ｌｅｓｔｅｒ               Ｅｌｅｃｔｒｏｎｉｃｓ,               Ｉｎｃ. (ＬＥＩ)               ｔｏ               ｃｏｍｐｅｔｅ               ｉｎ               ｔｈｅ               ｇｌｏｂａｌ               ｃｏｎｓｕｍｅｒ               ａｎｄ               ｉｎｄｕｓｔｒｉａｌ               ｃａｐａｃｉｔｏｒ               ｍａｒｋｅｔ,               ｔｈｅ               ｃｏｍｐａｎｙ               ｗｉｌｌ               ｎｅｅｄ               ｔｏ               ｄｅｖｅｌｏｐ               ａ               ｎｅｗ               ｉｍｐｌｅｍｅｎｔａｔｉｏｎ               ｐｌａｎ               ｔｏ               ｆｏｃｕｓ               ｏｎ               ｍｅｒｇｉｎｇ               ｗｉｔｈ               Ｓｈａｎｇ-ｗａ               Ｅｌｅｃｔｒｏｎｉｃｓ               (ＳＷＥ)               ａｎｄ               ｔｏ               ｍａｘｉｍｉｚｅ               ｓｈａｒｅｈｏｌｄｅｒ               ｗｅａｌｔｈ. Ｔｈｅ               ｎｅｗｌｙ               ｆｏｒｍｅｄ               ｓｅｎｉｏｒ               ｌｅａｄｅｒｓｈｉｐ               ｔｅａｍ               ｗｉｌｌ               ｎｅｅｄ               ｔｏ               ｗｏｒｋ               ｔｏｇｅｔｈｅｒ               ｆｏｒ               ｃｏｎｓｉｓｔｅｎｃｙ               ａｃｒｏｓｓ               ａｌｌ               ａｒｅａ               ｆｕｎｃｔｉｏｎｓ               ａｎｄ               ｃｏｍｅ               ｔｏ               ａｇｒｅｅｍｅｎｔ               ａｂｏｕｔ               ｉｓｓｕｅｓ               ａｎｄ               ｃｏｎｃｅｒｎｓ. Ｃｏｍｂｉｎｅｄ,               ｔｏｔａｌ               ａｓｓｅｔｓ               ａｒｅ               ａｔ               $395Ｋ               ｗｈｉｌｅ               ｌｉａｂｉｌｉｔｉｅｓ               ａｒｅ               ａｔ               $197Ｋ. Ｔｈｅ               ｃｕｒｒｅｎｔ               ｒａｔｉｏ               ｉｓ               $2.01               ｗｈｉｃｈ               ｍｅａｎｓ               ＬＥＩ               ｗｉｌｌ               ｈａｖｅ               ｅｎｏｕｇｈ               ｒｅｓｏｕｒｃｅｓ               ｔｏ               ｐａｙ               ｔｈｅｉｒ               ｄｅｂｔ               ｏｖｅｒ               ｔｈｅ               ｎｅｘｔ               12               ｍｏｎｔｈｓ. Ｔｈｅ               ｂａｌａｎｃｅ               ｓｈｅｅｔｉｓ               ａｎ               ａｃｃｏｕｎｔａｎｔ'ｓ               ｓｎａｐｓｈｏｔ               ｏｆ               ｔｈｅ               ｆｉｒｍ'ｓ               ａｃｃｏｕｎｔｉｎｇ               ｖａｌｕｅ               ｏｎ               ａ               ｐａｒｔｉｃｕｌａｒ               ｄａｔｅ,               ａｓ               ｔｈｏｕｇｈ               ｔｈｅ               ｆｉｒｍ               ｓｔｏｏｄ               ｍｏｍｅｎｔａｒｉｌｙ               ｓｔｉｌｌ               (Ｒｏｓｓ,               Ｗｅｓｔｅｒｆｉｅｌｄ,               Ｊａｆｆｅ,               2004). ＬＥＩ               ｉｓ               ｓｈｏｗｉｎｇ               ｓｏｌｉｄ               ｓｈｏｒｔ-ｔｅｒｍ               ｆｉｎａｎｃｉａｌ               ｓｔｒｅｎｇｔｈ               ｔｏ               ｈｅｌｐ               ｗｉｔｈ               ｔｈｅ               ｏｐｅｎｉｎｇ               ｏｆ               ｔｈｅ               ｎｅｗ               Ａｓｉａ               ｍａｎｕｆａｃｔｕｒｉｎｇ               ｐｌａｎｔ. Ｔｈｅ               ｌｏｎｇ-ｔｅｒｍ               ｄｅｂｔ               ｒａｔｉｏ               ｉｓ               ａｔ               $0.68               ｃｏｍｂｉｎｅｄ. Ｔｈｉｓ               ｗｉｌｌ               ｂｅ               ｒｅｄｕｃｅｄ               ｉｎ               24               ｍｏｎｔｈｓ               ｔｏ               ｉｎｃｒｅａｓｅ               ｅｑｕｉｔｙ               ｉｎ               ｔｈｅ               ｂａｌａｎｃｅ               ｓｈｅｅｔ               ＬＥＩ               ｗｉｌｌ               ｌｅａｓｅ               ｔｈｅ               ｂｕｉｌｄｉｎｇ               ａｎｄ               ｅｑｕｉｐｍｅｎｔ               ｆｏｒ               ｔｈｅ               ｎｅｗ               Ａｓｉａ               ｍａｎｕｆａｃｔｕｒｉｎｇ               ｐｌａｎｔ               ｆｏｒ               ｃａｐａｃｉｔｏｒｓ. Ｔｈｅ               ｉｎｉｔｉａｌ               ｃａｐｉｔａｌ               ｂｕｄｇｅｔ               ｏｆ               $60Ｍ               ｃａｎ               ｂｅ               ｒｅｄｕｃｅｄ               ｂｙ               74%.                Ｌｅｓｔｅｒ               /               Ｓｈａｎｇ-ｗａ               Ｊｏｉｎｔ               Ｖｅｎｔｕｒｅ                Ｃａｐｉｔａｌ               Ｂｕｄｇｅｔ                Ｎｅｗ               Ａｓｉａｎ               Ｃａｐａｃｉｔｏｒ               Ｍａｎｕｆａｃｔｕｒｉｎｇ               Ｆａｃｉｌｉｔｙ                Ｌｅａｓｅ               ｏｆ               Ｂｕｉｌｄｉｎｇ                Ｃｏｎｓｔｒｕｃｔｉｏｎ               Ｃｏｎｔｒａｃｔ                38,850,000                0                Ｌａｎｄ                6,000,000                (Ｌｅａｓｅ               .10ｓｑ               ｆｔ               Ｘ               50,000               ｆｔ               ｆｏｒ               5               ｙｒ)               300,000                Ｌｏｃａｌ               Ｔａｘｅｓ                1,500,000                1,500,000                Ｐｅｒｓｏｎｎｅｌ                1,500,000                1,500,000                Ａｄｍｉｎｉｓｔｒａｔｉｖｅ                1,500,000                1,500,000                Ｍａｒｋｅｔｉｎｇ                150,000                150,000                Ｆｕｒｎｉｔｕｒｅ               &               Ｆｉｘｔｕｒｅｓ                4,500,000                4,500,000                Ｃｏｍｐｕｔｅｒｓ                750,000                750,000                Ｅｑｕｉｐｍｅｎｔ                5,250,000                5,250,000                Ｔｏｔａｌ                60,000,000                15,450,000                ＬＥＩ               ｓｈｏｕｌｄ               ｌｅａｓｅ               ｔｈｅ               ｍａｎｕｆａｃｔｕｒｉｎｇ               ｐｌａｎｔ               ｔｏ               ａｌｌｏｗ               ｔｈｅ               ｃｏｍｐａｎｙ               ｔｏ               ｓａｖｅ               ｍｏｎｅｙ               ｏｎ               ｃｏｎｓｔｒｕｃｔｉｏｎ               ｃｏｓｔｓ               ａｎｄ               ｕｓｅ               ｔｈｅ               ｍｏｎｅｙ               ｔｏ               ｐｕｒｃｈａｓｅ               ｏｔｈｅｒ               ｃａｐｉｔａｌ               ｅｑｕｉｐｍｅｎｔ               ｉｆ               ｎｅｅｄｅｄ. Ｔｈｅ               ｃｏｍｐａｎｙ               ｗｉｌｌ               ａｌｓｏ               ｉｎｃｒｅａｓｅ               ｔａｘ               ｄｅｄｕｃｔｉｏｎｓ,               ｌｏｗｅｒ               ｉｎｔｅｒｅｓｔ               ｒａｔｅｓ,               ａｎｄ               ｉｍｐｒｏｖｅ               ｔｈｅｉｒ               ｆｉｎａｎｃｉａｌ               ｒａｔｉｏ. Ｔｈｅ               ｌｅａｓｅ               ｐｌａｎ               ｃｈｏｓｅｎ               ｂｙ               ＬＥＩ               ｗｉｌｌ               ａｌｌｏｗ               ｐａｙｍｅｎｔ               ｆｌｅｘｉｂｉｌｉｔｙ               ｔｏ               ｍｅｅｔ               ｃａｓｈ               ｆｌｏｗｓ. Ｏｔｈｅｒ               ｏｐｐｏｒｔｕｎｉｔｉｅｓ               ｔｏ               ｌｅａｓｅ               ｅｑｕｉｐｍｅｎｔ,               ｆｕｒｎｉｔｕｒｅ,               ａｎｄ               ｃｏｍｐｕｔｅｒｓ               ａｒｅ               ｒｅｄｕｃｉｎｇ               ｔｅｃｈｎｏｌｏｇｙ               ｏｂｓｏｌｅｓｃｅｎｃｅ,               ｉｎｃｌｕｄｉｎｇ               ｔｒａｉｎｉｎｇ,               ｍａｉｎｔｅｎａｎｃｅ,               ｉｎｓｔａｌｌａｔｉｏｎ               ｃｏｓｔｓ,               ａｎｄ               ａｌｌｏｗｉｎｇ               ｔｈｅ               ｃｏｍｐａｎｙ               ｔｏ               ｕｐｇｒａｄｅ               ｔｏ               ｔｈｅ               ｌａｔｅｓｔ               ｅｑｕｉｐｍｅｎｔ. Ｗｉｔｈ               ｔｈｅ               ａｄｄｉｔｉｏｎ               ｏｆ               ｔｈｉｓ               ｎｅｗ               ｍａｎｕｆａｃｔｕｒｉｎｇ               ｐｌａｎｔ               ＬＥＩ               ｗｉｌｌ               ｎｏｗ               ｈｏｌｄ               ａ               12%               ｍａｒｋｅｔ               ｓｈａｒｅ               ｉｎ               ｄｉｓｔｒｉｂｕｔｉｏｎ               ｉｎ               Ａｓｉａ. Ｏｎｃｅ               ＬＥＩ               ｓｔａｒｔｓ               ｉｎｃｒｅａｓｉｎｇ               ｍａｎｕｆａｃｔｕｒｉｎｇ               ｏｆ               ａｌｕｍｉｎｕｍ               ｅｌｅｃｔｒｏｌｙｔｉｃ               ａｎｄ               ｆｉｌｍ/ｐｌａｓｔｉｃ               ｂｙ               56%               ａｎｄ               63%               ｔｈｅ               ｃｏｍｐａｎｙ               ｗｉｌｌ               ｓｅｅ               ａｎ               ｉｎｃｒｅａｓｅ               ｉｎ               ｒｅｖｅｎｕｅｓ               ｂｙ               $14Ｍ.                ＬＥＩ               ｗｉｌｌ               ｕｓｅ               ｔｈｅ               Ｗｅｉｇｈｔｅｄ               Ａｖｅｒａｇｅ               Ｃｏｓｔ               ｏｆ               Ｃａｐｉｔａｌ               (ＷＡＣＣ)               ｔｏ               ｍｅａｓｕｒｅ               ｔｈｅ               ｃａｐｉｔａｌ               ｄｉｓｃｏｕｎｔ               ｔｈｅ               ｃｏｍｐａｎｙ               ｉｓ               ｅｉｔｈｅｒ               ｇａｉｎｉｎｇ               ｏｒ               ｓｐｅｎｄｉｎｇ. Ｔｈｅ               ＷＡＣＣ               ｗｉｌｌ               ｔｅｌｌ               ＬＥＩ               ｔｈｅ               ｍｉｎｉｍｕｍ               ｒａｔｅ               ｏｆ               ｒｅｔｕｒｎ               ｔｈｅｙ               ｗｉｌｌ               ｐｒｏｄｕｃｅ               ｆｏｒ               ｔｈｅｉｒ               ｉｎｖｅｓｔｏｒ'ｓ. Ｔｏ               ｆｉｎｄ               ＬＥＩ'ｓ               ｒａｔｅ               ｏｆ               ｒｅｔｕｒｎ               ｔｈｅ               ＷＡＣＣ               ｉｓ               ｃａｌｃｕｌａｔｅｄ               ｂｙ               ｔｈｅ               ｆｏｌｌｏｗｉｎｇ               ｆｏｒｍｕｌａ:                Ｅｘａｍｐｌｅ:                ＬＥＩ               ｍｅｒｇｅｄ               ｗｉｔｈ               ＳＷＥ:                Ｒｅ               =               ｃｏｓｔ               ｏｆ               ｅｑｕｉｔｙ                (33%               *               12)               +               (66%               *               8)               =               9.24%                Ｒｄ               =               ｃｏｓｔ               ｏｆ               ｄｅｂｔ                (33%               *               8.4)               +               (66%               *               8)               =               8%                Ｅ               =               ｍａｒｋｅｔ               ｖａｌｕｅ               ｏｆ               ｔｈｅ               ｆｉｒｍ'ｓ               ｅｑｕｉｔｙ                ＬＥＩ               (Ｅ)=$252,949               +               ＳＷＥ               (Ｅ)=$142,293                Ｔｏｔａｌ               =$395,242                Ｄ               =               ｍａｒｋｅｔ               ｖａｌｕｅ               ｏｆ               ｔｈｅ               ｆｉｒｍ'ｓ               ｄｅｂｔ                ＬＥＩ               (Ｌ)=$91,249               +               ＳＷＥ               (Ｌ)=$105,878                Ｔｏｔａｌ               =$197,127                Ｖ               =               Ｅ               +               Ｄ                ＬＥＩ               =               (Ｅ)$252,949               +               (Ｌ)$91,249               =$344,198                ＳＷＥ               =               (Ｅ)$142,293               +               (Ｌ)$105,878               =$248,171                Ｔｏｔａｌ               =$592,369                Ｅ/Ｖ               =               ｐｅｒｃｅｎｔａｇｅ               ｏｆ               ｆｉｎａｎｃｉｎｇ               ｔｈａｔ               ｉｓ               ｅｑｕｉｔｙ                $395,242/$592,369               =               66%                Ｄ/Ｖ               =               ｐｅｒｃｅｎｔａｇｅ               ｏｆ               ｆｉｎａｎｃｉｎｇ               ｔｈａｔ               ｉｓ               ｄｅｂｔ                $197,127/$592,369               =               33%                Ｔｃ               =               ｃｏｒｐｏｒａｔｅ               ｔａｘ               ｒａｔｅ                12               *               (1               -               0.3)               =               8.4%                ＷＡＣＣ               =               $395,242/$592,369               *               9.24%               +               $197,127/$592,369               *               8%               *               (1-8.4%)               =               8%.                ＬＥＩ               ｃｏｍｂｉｎｅｄ               ｗｉｔｈ               ＳＷＥ               ａｒｅ               ｐｒｏｄｕｃｉｎｇ               ａ               20%               ｒａｔｅ               ｏｆ               ｒｅｔｕｒｎ               ａｎｄ               ａ               ＷＡＣＣ               ｏｆ               8%. Ｅｖｅｒｙ               ｄｏｌｌａｒ               ＬＥＩ               ｉｎｖｅｓｔｓ               ｉｎｔｏ               ｃａｐｉｔａｌ               ｔｈｅ               ｃｏｍｐａｎｙ               ｉｓ               ｃｒｅａｔｉｎｇ               ｖａｌｕｅ               ａｎｄ               ｍａｋｉｎｇ               ａ               ｐｒｏｆｉｔ               ｔｏ               ｒｅｉｎｖｅｓｔ               ｏｒ               ｐａｙｏｕｔ               ｉｎ               ｄｉｖｉｄｅｎｄｓ               ｔｏ               ｓｈａｒｅｈｏｌｄｅｒｓ. ＬＥＩ               ｗｉｌｌ               ｒｅｖｉｅｗ               ｔｈｅｉｒ               ｃｕｒｒｅｎｔ               ｍｉｘ               ｏｆ               ｅｑｕｉｔｙ               ａｎｄ               ｄｅｂｔ               ｂｙ               ｄｅｖｅｌｏｐｉｎｇ               ｏｐｐｏｒｔｕｎｉｔｉｅｓ               ｔｏ               ｍａｘｉｍｉｚｅ               ｔｈｅ               ｃｏｍｐａｎｙ'ｓ               ｖａｌｕｅ               ｗｈｉｌｅ               ｍｉｎｉｍｉｚｉｎｇ               ｔｈｅ               ａｖｅｒａｇｅ               ｃｏｓｔ               ｏｆ               ｃａｐｉｔａｌ. Ｎｅｔ               Ｉｎｃｏｍｅ               (ＮＩ)               ｉｓ               ａｔ               $51Ｋ               ｗｉｔｈ               ａ               ｒｅｔｕｒｎ               ｏｎ               ａｓｓｅｔｓ               ａｐｐｒｏａｃｈｉｎｇ               $0.47. ＮＩ               ｆｏｒ               ＬＥＩ               ｓｈｏｗｓ               ｔｈｅ               ｃｏｓｔ               ｏｆ               ｄｅｂｔ               ｉｓ               ｌｏｗｅｒ               ｔｈａｎ               ｔｈｅ               ｃｏｓｔ               ｏｆ               ｅｑｕｉｔｙ               ｆｒｏｍ               ｔｈｅ               ＷＡＣＣ               ａｓｓｅｓｓｍｅｎｔ.                ＬＥＩ               ｉｓ               ｓｈｏｗｉｎｇ               ａ               $0.68               ｌｏｎｇ-ｔｅｒｍ               ｄｅｂｔ               ｒａｔｉｏ               ｔｈａｔ               ｔｈｅ               ｃｏｍｐａｎｙ               ｏｗｅｓ               ａｎｄ               ｄｏｅｓ               ｎｏｔ               ｅｘｐｅｃｔ               ｔｏ               ｐａｙ               ｏｆｆ               ｉｎ               ａ               ｙｅａｒ. Ａｌｏｎｇ               ｗｉｔｈ               ｔｈｅｉｒ               ｈｉｇｈ               ｄｅｂｔ-ｅｑｕｉｔｙ               ｒａｔｉｏ               ｏｆ               $1.83               ｔｈｅ               ｃｏｍｐａｎｙ               ｉｓ               ｆｉｎａｎｃｉｎｇ               ｔｈｅｉｒ               ｇｒｏｗｔｈ               ｗｉｔｈ               ｄｅｂｔ               ｗｈｉｃｈ               ｃａｎ               ｌｅａｄ               ｔｏ               ｉｎｃｏｎｓｉｓｔｅｎｔ               ｅａｒｎｉｎｇｓ               ａｎｄ               ａｄｄｉｔｉｏｎａｌ               ｉｎｔｅｒｅｓｔ               ｅｘｐｅｎｓｅｓ. Ｔｈｅ               ｃｏｍｐａｎｙ               ｈｏｌｄｓ               ａ               ｈｉｇｈ               ｔｏｔａｌ               ｄｅｂｔ               ｒａｔｉｏ               ｏｆ               $1.10               ｗｈｉｃｈ               ｉｓ               ｎｏｔ               ｇｏｏｄ. Ｔｈｅ               ｏｐｐｏｒｔｕｎｉｔｙ               ｉｓ               ｔｏ               ｕｓｅ               ｔｈｅ               ｄｏｌｌａｒｓ               ｓａｖｅｄ               ｆｒｏｍ               ｌｅａｓｉｎｇ               ｔｈｅ               ｍａｎｕｆａｃｔｕｒｉｎｇ               ｐｌａｎｔ               ｔｏ               ｐａｙ               ｄｏｗｎ               ｏｕｔｓｔａｎｄｉｎｇ               ｄｅｂｔ. Ｅｉｔｈｅｒ               ｗａｙ               ｔｈｅ               ｃｏｍｐａｎｙ               ｍｕｓｔ               ａｃｔ               ｑｕｉｃｋｌｙ               ａｎｄ               ｍｏｖｅ               ｆｏｒｗａｒｄ               ｗｉｔｈ               ａ               ｃｏｍｐｌｅｔｅ               ｏｖｅｒｈａｕｌ               ｆｏｒ               ｓｕｃｃｅｓｓ.                Ｉｍｐｌｅｍｅｎｔａｔｉｏｎ               Ｐｌａｎ                Ｌｅｓｔｅｒ               Ｅｌｅｃｔｒｏｎｉｃｓ,               Ｉｎｃ. (ＬＥＩ)               ｗｉｌｌ               ｎｅｅｄ               ｔｏ               ｓｔａｙ               ｃｏｍｐｅｔｉｔｉｖｅ               ｉｎ               ｔｈｅ               ｃａｐａｃｉｔｏｒ               ｍａｎｕｆａｃｔｕｒｉｎｇ               ｉｎｄｕｓｔｒｙ               ｂｙ               ｍｅｒｇｉｎｇ               ｗｉｔｈ               Ｓｈａｎｇ-ｗａ               Ｅｌｅｃｔｒｏｎｉｃｓ               (ＳＷＥ)               ａｎｄ               ｄｅｖｅｌｏｐｉｎｇ               ａｎ               ｉｍｐｌｅｍｅｎｔａｔｉｏｎ               ｐｌａｎ               ｗｉｔｈｉｎ               ｔｈｅ               ｎｅｘｔ               ｔｈｒｅｅ               ｍｏｎｔｈｓ. ＬＥＩ               ｂｉｇｇｅｓｔ               ｃｏｍｐｅｔｉｔｉｏｎ               ｉｓ               Ａｖｒａｌ               Ｅｌｅｃｔｒｏｎｉｃｓ               ｗｉｔｈ               14%               ｏｆ               ｔｈｅ               ｍａｒｋｅｔ               ｓｈａｒｅ               ｉｎ               ｔｈｅ               ｃａｐａｃｉｔｏｒ               ｉｎｄｕｓｔｒｙ. ＬＥＩ               ｗｉｌｌ               ｌｅａｓｅ               ａ               ｍａｎｕｆａｃｔｕｒｉｎｇ               ｐｌａｎｔ               ａｎｄ               ｔｈｅ               ｃａｐｉｔａｌ               ｅｑｕｉｐｍｅｎｔ               ｎｅｃｅｓｓａｒｙ               ｔｏ               ｏｐｅｎ               ｔｈｅ               Ａｓｉａ               ｃａｐａｃｉｔｏｒ               ｐｒｏｊｅｃｔ               ｉｎ               ｔｈｅ               ｎｅｘｔ               ｔｈｒｅｅ               ｔｏ               ｓｉｘ               ｍｏｎｔｈｓ. Ｔｈｅ               ｓｔａｒｔ-ｕｐ               ｃｏｓｔｓ               ｗｉｌｌ               ｂｅ               $15.4Ｍ,               ｂｕｔ               ｒｅｖｅｎｕｅ               ｗｉｌｌ               ｅｘｃｅｅｄ               $39.1Ｍ               ｗｉｔｈｉｎ               ｔｈｅ               ｆｉｒｓｔ               ｙｅａｒ               ｗｉｔｈ               ｔｈｅ               ｉｎｃｒｅａｓｅ               ｃａｐａｃｉｔｙ               ｐｒｏｄｕｃｔｉｏｎ               ｏｆ               ａｌｕｍｉｎｕｍ               ｅｌｅｃｔｒｏｌｙｔｉｃ               ａｎｄ               ｆｉｌｍ/ｐｌａｓｔｉｃ               ｃｏｍｍｏｄｉｔｉｅｓ. Ｅｘｃｅｓｓ               ｒｅｖｅｎｕｅｓ               ｗｉｌｌ               ａｌｓｏ               ｐａｙ               ｏｆｆ               ｏｕｔｓｔａｎｄｉｎｇ               ｄｅｂｔ               ｉｎｈｅｒｉｔｅｄ               ｆｒｏｍ               ＳＷＥ.                ＬＥＩ               ｗｉｌｌ               ｓｅｔ               ｉｎｖｅｎｔｏｒｙ               ｔｕｒｎ               ｒａｔｅｓ               ｉｎ               ｔｈｅ               ｎｅｗ               Ａｓｉａ               ｍａｎｕｆａｃｔｕｒｉｎｇ               ｐｌａｎｔ               ｕｓｉｎｇ               ｔｈｅ               ｉｎｖｅｎｔｏｒｙ               ｔｕｒｎｏｖｅｒ               ｒａｔｉｏ               ｔｏ               ｒｅｄｕｃｅ               ｄｅｂｔ               ａｎｄ               ｍｏｖｅ               ｐｒｏｄｕｃｔｓ               ｔｉｍｅｌｙ. Ｃｕｒｒｅｎｔｌｙ,               ｔｈｅ               ｃｏｍｐａｎｙ               ｉｓ               ｓｈｏｗｉｎｇ               ａ               ｔｕｒｎ               ｒａｔｅ               ｏｆ               15.47               ｗｈｉｃｈ               ＬＥＩ               ｗｉｌｌ               ｉｍｐｌｅｍｅｎｔ               ｉｎｔｏ               ｔｈｅ               ｎｅｗ               ｍａｎｕｆａｃｔｕｒｅ               ｐｌａｎｔ               ｂｙ               ｍｏｎｔｈ               ｎｉｎｅ. Ｔｈｅ               ｃｏｍｐａｎｙ'ｓ               ｉｎｖｅｎｔｏｒｙ               ｔｕｒｎ               ｒａｔｉｏ               ｉｓ               ｈｉｇｈｅｒ               ｔｈａｎ               ｔｈｅｉｒ               ｃｏｍｐｅｔｉｔｉｏｎ               ｗｈｉｃｈ               ｉｓ               ｇｏｏｄ               ｂｅｃａｕｓｅ               ａ               ｈｉｇｈｅｒ               ｒａｔｉｏ               ｉｎｄｉｃａｔｅｓ               ｓｔｒｏｎｇ               ｓａｌｅｓ               ａｎｄ               ｌｉｍｉｔｓ               ｅｘｃｅｓｓ               ｉｎｖｅｎｔｏｒｙ               ｏｒ               ｈｏｌｄｉｎｇ               ｃｏｓｔｓ. ＬＥＩ               ｗｉｌｌ               ｒｅｄｕｃｅ               ｄｉｖｉｄｅｎｄｓ               ｐｅｒ               ｓｈａｒｅ               ｆｒｏｍ               $0.49               ｔｏ               $0.40               ｔｏ               ｈｅｌｐ               ｆｕｎｄ               ｄｏｌｌａｒｓ               ｆｏｒ               ｃａｐｉｔａｌ               ｅｘｐｅｎｄｉｔｕｒｅｓ               ｂｙ               ｔｈｅ               ｅｎｄ               ｏｆ               ｍｏｎｔｈ               12. Ｔｈｅ               ｄｉｖｉｄｅｎｄ               ｐａｙｏｕｔ               ｒａｔｉｏ               ｉｓ               ｃｕｒｒｅｎｔｌｙ               ａｔ               40%. Ｔｈｉｓ               ｍｅａｎｓ               ｔｈａｔ               40%               ｏｆ               ＬＥＩ'ｓ               ｐｒｏｆｉｔｓ               ｗｅｒｅ               ｐａｉｄ               ｔｏ               ｓｈａｒｅｈｏｌｄｅｒｓ               ｖｅｒｓｕｓ               ｔｈｅｉｒ               ｃｏｍｐｅｔｉｔｉｏｎ. Ｔｈｉｓ               ｗｉｌｌ               ｒｅｄｕｃｅ               ｔｈｅ               ｄｉｖｉｄｅｎｄ               ｙｉｅｌｄ               ｒａｔｉｏ               ｆｒｏｍ               43%               ｄｏｗｎ               ｔｏ               32%               ｗｈｉｃｈ               ｗｉｌｌ               ｓｔｉｌｌ               ｇｉｖｅ               ｓｈａｒｅｈｏｌｄｅｒｓ               ａ               ｒｅｔｕｒｎ               ｏｎ               ｉｎｖｅｓｔｍｅｎｔ               ａｎｄ               ｓｔｉｌｌ               ａｔｔｒａｃｔ               ｎｅｗ               ｉｎｖｅｓｔｏｒｓ.                ＬＥＩ               ｗｉｌｌ               ｏｐｅｎ               ａ               ｎｅｗ               ｃａｐａｃｉｔｏｒ               ｍａｎｕｆａｃｔｕｒｉｎｇ               ｐｌａｎｔ               ｉｎ               Ａｓｉａ               ｔｏ               ｍｅｅｔ               ｇｒｏｗｉｎｇ               ｄｅｍａｎｄ               ｉｎ               ｔｈｅ               ｎｅｘｔ               12               ｍｏｎｔｈｓ. Ｉｎ               ｏｒｄｅｒ               ｆｏｒ               ｔｈｅ               ｍｅｒｇｅｒ               ｔｏ               ｂｅ               ｓｕｃｃｅｓｓｆｕｌ,               ＬＥＩ               ｍｕｓｔ               ｂｅｇｉｎ               ｔｏ               ｒｅｖｉｅｗ               ａｎｄ               ｅｓｔａｂｌｉｓｈ               ｎｅｗ               ｇｕｉｄｅｌｉｎｅｓ               ｆｏｒ               ｔｈｅ               ｃｈａｎｇｅｓ               ｔｈａｔ               ａｒｅ               ｔａｋｉｎｇ               ｐｌａｃｅ. ＬＥＩ               ａｎｄ               ＳＷＥ               ｍｕｓｔ               ｃｈａｎｇｅ,               ｍｅｒｇｅ,               ａｎｄ               ｅｄｉｔ               ｔｈｅ               ｆｏｌｌｏｗｉｎｇ:                ·               Ｄｅｖｅｌｏｐ               ｎｅｗ               Ｏｒｇａｎｉｚａｔｉｏｎ               Ｃｈａｒｔ               ａｎｄ               Ｇｏｖｅｒｎａｎｃｅ               Ｂｏａｒｄ                ·               Ｂｏａｒｄ               ｏｆ               Ｄｉｒｅｃｔｏｒ               ｐｏｓｉｔｉｏｎｓ                ·               Ｓｅｎｉｏｒ               Ｌｅａｄｅｒｓｈｉｐ               ｐｏｓｉｔｉｏｎｓ                ·               Ｄｕｐｌｉｃａｔｉｏｎ               ｏｆ               ｗｏｒｋｆｏｒｃｅ                ·               Ａｄｄｉｔｉｏｎ               ｏｆ               ｗｏｒｋｆｏｒｃｅ                ·               Ｕｐｄａｔｅ               Ｐｏｌｉｃｉｅｓ               ａｎｄ               Ｐｒｏｃｅｄｕｒｅｓ                ·               Ｒｅｖｉｅｗ               Ｈｕｍａｎ               Ｒｅｓｏｕｒｃｅ               Ｄｅｐａｒｔｍｅｎｔ               (ｈｉｒｅ,               ｔｒａｉｎｉｎｇ,               ｏｒｉｅｎｔａｔｉｏｎ)                ·               Ｅｍｐｌｏｙｅｅ               ｂｅｎｅｆｉｔｓ               (ｈｅａｌｔｈｃａｒｅ,               ｄｅｎｔａｌ,               401Ｋ)                ·               Ｔａｘ               ｒｅｐｏｒｔｉｎｇ               ｃｈａｎｇｅｓ                ·               Ｇｏｖｅｒｎｍｅｎｔ               ｒｅｇｕｌａｔｉｏｎｓ               ａｎｄ               ｒｅｓｔｒｉｃｔｉｏｎｓ                ·               Ｓｔｏｃｋ               ｏｐｔｉｏｎｓ,               ｉｓｓｕｅｓ,               ａｎｄ               ｄｉｖｉｄｅｎｄｓ                ＬＥＩ               ｗｉｌｌ               ｒｅｄｕｃｅ               ｔｈｅｉｒ               ｄｅｂｔ-ｒａｔｉｏｓ               ｔｏ               ｅｑｕｉｔｙ               ｍｉｘ               ｂｙ               ｐｒｏｄｕｃｉｎｇ               ｃｏｎｓｉｓｔｅｎｔ               ｅａｒｎｉｎｇｓ               ｔｏ               ｓｈａｒｅｈｏｌｄｅｒｓ               ａｎｄ               ｒｅｄｕｃｅ               ｉｎｔｅｒｅｓｔ               ｅｘｐｅｎｓｅｓ. Ｔｈｅ               ｃｏｍｐａｎｙ               ｃｕｒｒｅｎｔｌｙ               ｈｏｌｄｓ               ａ               ｈｉｇｈ               ｄｅｂｔ               ｒａｔｉｏ               ｂｕｔ               ｔｈｒｏｕｇｈ               ｔｈｅ               ａｃｑｕｉｓｉｔｉｏｎ               ｏｆ               ＳＷＥ,               ＬＥＩ               ｗｉｌｌ               ｄｅｖｅｌｏｐ               ａ               ｎｅｗ               ｓｔｒａｔｅｇｙ               ｔｈａｔ               ｗｉｌｌ               ｍａｘｉｍｉｚｅ               ｓｈａｒｅｈｏｌｄｅｒ               ｗｅａｌｔｈ. Ｔｈｉｓ               ｗｉｌｌ               ｓｔｒｅｎｇｔｈｅｎ               ｔｈｅ               ｃｏｍｐａｎｙ               ｃａｓｈ               ｆｌｏｗｓ               ａｎｄ               ｈｅｌｐ               ｐｏｓｉｔｉｏｎ               ＬＥＩ               ｉｎ               ｔｈｅ               ｍａｒｋｅｔｐｌａｃｅ               ｆｏｒ               ｆｕｔｕｒｅ               ｇｒｏｗｔｈ.                Ｅｖａｌｕａｔｉｏｎ               ｏｆ               Ｒｅｓｕｌｔｓ                Ａｓ               ｍｅｎｔｉｏｎｅｄ               ａｂｏｖｅ,               ｓｐｅｃｉｆｉｃ               ｇｏａｌｓ               ｓｈｏｕｌｄ               ｂｅ               ｆｏｒｍｅｄ               ｔｈａｔ               ｓｕｐｐｏｒｔ               ｔｈｅ               ｃｏｍｐａｎｙ'ｓ               ｉｍｐｌｅｍｅｎｔａｔｉｏｎ               ｐｌａｎ. Ｗｉｔｈｏｕｔ               ｔｈｅｓｅ               ｇｏａｌｓ               ｔｈｅ               ｃｏｍｐａｎｙ               ｈａｓ               ｎｏ               ｓｐｅｃｉｆｉｃ               ｅｎｄ               ｔｈｅ               ｃｏｍｐａｎｙ               ｃａｎ               ｌｏｏｋ               ｔｏｗａｒｄ               ａｃｈｉｅｖｉｎｇ. Ｗｈｅｔｈｅｒ               ｏｒ               ｎｏｔ               ｔｈｅ               ｃｏｍｐａｎｙ               ｈａｓ               ｂｅｅｎ               ｓｕｃｃｅｓｓｆｕｌ               ｉｓ               ｕｎｃｌｅａｒ               ｂｅｃａｕｓｅ               ｉｔ               ｈａｓ               ｎｏ               ｍｅａｓｕｒｅ               ｏｆ               ｓｕｃｃｅｓｓ               ｏｒ               ｆａｉｌｕｒｅ. Ｔｏ               ｃｏｍｂａｔ               ｔｈｅ               ｌａｃｋ               ｏｆ               ａｃｈｉｅｖａｂｌｅ               ｂｅｎｃｈｍａｒｋｓ               Ｌｅｓｔｅｒ               Ｅｌｅｃｔｒｏｎｉｃｓ,               Ｉｎｃ. (ＬＥＩ)               ｃａｎ               ｌｉｎｋ               ｓｐｅｃｉｆｉｃ               ｍｅｔｒｉｃｓ               ｔｏ               ｅａｃｈ               ｇｏａｌ. Ｔｈｅｓｅ               ｍｅｔｒｉｃｓ,               ｗｈｉｃｈ               ａｒｅ               ｓｐｅｃｉｆｉｃ               ａｎｄ               ｍｅａｓｕｒａｂｌｅ,               ａｌｌｏｗ               ａ               ｃｏｍｐａｎｙ               ｔｏ               ｃｏｍｐａｒｅ               ｐｒｏｇｒｅｓｓ               ｔｏ               ａ               ｓｅｔ               ｓｔａｎｄａｒｄ. Ｔｈｅ               ｓｔａｎｄａｒｄ               ｒｅｐｒｅｓｅｎｔｓ               ｓｕｃｃｅｓｓ               ａｎｄ               ｔｈｅ               ｃｏｍｐａｎｙ               ｉｓ               ａｂｌｅ               ｔｏ               ｄｅｔｅｒｍｉｎｅ               ｗｈｅｔｈｅｒ               ｏｒ               ｎｏｔ               ｔｈｅｙ               ｈａｖｅ               ｂｅｅｎ               ｓｕｃｃｅｓｓｆｕｌ.                Ｉｎ               ｏｒｄｅｒ               ｔｏ               ｄｅｔｅｒｍｉｎｅ               ｉｆ               ＬＥＩ               ｈａｓ               ｂｅｅｎ               ｓｕｃｃｅｓｓｆｕｌ               ｉｎ               ｐｒｅｓｅｒｖｉｎｇ               ｔｈｅｉｒ               ｃｏｍｐｅｔｉｔｉｖｅ               ａｄｖａｎｔａｇｅ               ｔｈｅ               ｃｏｍｐａｎｙ               ｗｉｌｌ               ａｉｍ               ｔｏ               ａｃｈｉｅｖｅ               14%               ｏｆ               ｔｈｅ               Ａｓｉａｎ               ｍａｒｋｅｔ               ｓｈａｒｅ               ａｎｄ               20%               ｏｆ               ｔｈｅ               ＵＳ               ｍａｒｋｅｔ               ｓｈａｒｅ               ｗｉｔｈｉｎ               ｔｈｅ               ｎｅｘｔ               5               ｙｅａｒｓ. Ｔｏ               ｔｅｓｔ               ｗｈｅｔｈｅｒ               ｏｒ               ｎｏｔ               ＬＥＩ               ｈａｓ               ｅｆｆｅｃｔｉｖｅｌｙ               ｓｕｓｔａｉｎｅｄ               ｔｈｅｉｒ               ｌｏｎｇｅｖｉｔｙ               ｔｈｅ               ｃｏｍｐａｎｙ               ｗｉｌｌ               ｓｉｍｐｌｙ               ｄｅｔｅｒｍｉｎｅ               ｅａｃｈ               ｙｅａｒ               ｉｆ               ｔｈｅ               ｃｏｍｐａｎｙ               ｉｓ               ｓｔｉｌｌ               ｃｏｎｄｕｃｔｉｎｇ               ｐｒｏｆｉｔａｂｌｅ               ｂｕｓｉｎｅｓｓ. Ｔｈｅ               ｃｏｍｐａｎｙ               ｗｉｌｌ               ｍｅａｓｕｒｅ               ｔｈｅ               ｎｕｍｂｅｒ               ｏｆ               ｃａｐａｃｉｔａｔｏｒｓ               ｓｕｐｐｌｉｅｄ               ｔｏ               ｍａｋｅ               ｓｕｒｅ               ｔｈｅ               ｎｕｍｂｅｒ               ｉｓ               ｅｑｕａｌ               ｏｒ               ｇｒｅａｔｅｒ               ｔｈａｎ               ｂｅｆｏｒｅ               ｔｈｅ               ｍｅｒｇｅｒ. Ｔｈｅ               ｎｕｍｂｅｒ               ｏｆ               ｃａｐａｃｉｔａｔｏｒｓ               ｗｉｌｌ               ｄｅｔｅｒｍｉｎｅ               ｗｈｅｔｈｅｒ               ｏｒ               ｎｏｔ               ｔｈｅ               ｃｏｍｐａｎｙ               ｈａｓ               ｂｅｅｎ               ｓｕｃｃｅｓｓｆｕｌ               ａｔ               ｅｎｓｕｒｉｎｇ               ｔｈｅ               ｓｕｐｐｌｙ               ｏｆ               ｃａｐａｃｉｔａｔｏｒｓ. Ｐｒｅｖｅｎｔｉｎｇ               ａ               ｓｔｅｅｐ               ｄｒｏｐ               ｉｎ               ｔｈｅ               ｐｒｉｃｅ               ｏｆ               ｓｔｏｃｋ               ｉｓ               ａｎｏｔｈｅｒ               ｇｏａｌ               ｆｏｒ               ＬＥＩ. Ｓｕｃｃｅｓｓ               ｗｉｌｌ               ｂｅ               ｄｅｆｉｎｅｄ               ａｓ               ａ               ｄｒｏｐ               ｏｆ               10%               ｏｒ               ｌｅｓｓ               ｉｎ               ｔｈｅ               ｓｔｏｃｋ               ｐｒｉｃｅ               ｆｏｌｌｏｗｉｎｇ               ｔｈｅ               2               ｙｅａｒｓ               ｉｍｍｅｄｉａｔｅｌｙ               ａｆｔｅｒ               ｔｈｅ               ｍｅｒｇｅｒ. Ｔｏ               ｄｅｔｅｒｍｉｎｅ               ｗｈｅｔｈｅｒ               ｏｒ               ｎｏｔ               ＬＥＩ               ｈａｓ               ｓｕｃｃｅｓｓｆｕｌｌｙ               ｖｅｎｔｕｒｅｄ               ｉｎｔｏ               ｏｔｈｅｒ               ｍａｒｋｅｔｓ               ＬＥＩ               ｗｉｌｌ               ａｉｍ               ｔｏ               ｅｎｔｅｒ               ｔｗｏ               ｎｅｗ               ｍａｒｋｅｔｓ               ｏｖｅｒ               ｔｈｅ               ｎｅｘｔ               5               ｙｅａｒｓ. Ｉｆ               ｔｈｅ               ｃｏｍｐａｎｙ               ｄｏｅｓ               ｔｈｉｓ               ｔｈｅｙ               ｗｉｌｌ               ｈａｖｅ               ｂｅｅｎ               ｓｕｃｃｅｓｓｆｕｌ,               ｉｆ               ｎｏｔ               ｔｈｅｙ               ｗｉｌｌ               ｈａｖｅ               ｆａｉｌｅｄ               ｔｏ               ａｃｈｉｅｖｅ               ｔｈｉｓ               ｐａｒｔｉｃｕｌａｒ               ｇｏａｌ. Ｌａｓｔｌｙ,               ＬＥＩ               ｗａｎｔｓ               ｔｏ               ｅｎｓｕｒｅ               ｔｈｅｉｒ               ｆｉｎａｎｃｅｓ               ｒｅｍａｉｎ               ｓｔａｂｌｅ. Ｔｈｅ               ｍｅｔｒｉｃ               ｆｏｒ               ｔｈｉｓ               ｇｏａｌ               ｗｉｌｌ               ｂｅ               ｔｈｅ               ｃｏｍｐａｎｙ'ｓ               ｄｅｂｔ/ｅｑｕｉｔｙ               ｒａｔｉｏ. Ｔｈｅ               ｃｏｍｐａｎｙ               ｗｉｌｌ               ｃｏｎｓｉｄｅｒ               ｔｈｉｓ               ｇｏａｌ               ｍｅｔ               ｉｆ               ｔｈｅｙ               ａｒｅ               ａｂｌｅ               ｔｏ               ｋｅｅｐ               ｔｈｅ               ｄｅｂｔ/ｅｑｕｉｔｙ               ｒａｔｉｏ               ａｔ               1               ｏｒ               ｕｎｄｅｒ. Ｉｆ               ｔｈｅ               ｒａｔｉｏ               ｉｓ               ａｂｏｖｅ               ｔｈｉｓ               ｔｈｅｙ               ｗｉｌｌ               ｈａｖｅ               ｆａｉｌｅｄ               ｔｏ               ａｃｈｉｅｖｅ               ｔｈｉｓ               ｇｏａｌ.                Ａｐｐｌｙｉｎｇ               ｓｐｅｃｉｆｉｃ               ｍｅｔｒｉｃｓ               ｔｏ               ｃｏｍｐａｎｙ               ｇｏａｌｓ               ｐｒｏｖｉｄｅｓ               ａ               ｓｉｍｐｌｅ               ｗａｙ               ｔｏ               ｄｅｔｅｒｍｉｎｅ               ｗｈｅｔｈｅｒ               ｏｒ               ｎｏｔ               ｇｏａｌｓ               ｈａｖｅ               ｂｅｅｎ               ｍｅｔ. Ｔｈｅ               ｃｏｍｐａｎｙ               ｃａｎ               ｔｈｅｎ               ｕｓｅ               ｔｈｉｓ               ｉｎｆｏｒｍａｔｉｏｎ               ｔｏ               ｉｄｅｎｔｉｆｙ               ａｎｄ               ｉｍｐｒｏｖｅ               ｉｎ               ｔｈｅ               ａｒｅａｓ               ｔｈｅｙ               ａｒｅ               ｌａｃｋｉｎｇ. Ｗｉｔｈｏｕｔ               ｔｈｅｓｅ               ｍｅｔｒｉｃｓ               ａ               ｃｏｍｐａｎｙ               ｈａｓ               ｎｏ               ｓｐｅｃｉｆｉｃ               ｗａｙ               ｔｏ               ｍｅａｓｕｒｅ               ｔｈｅｉｒ               ｓｕｃｃｅｓｓｅｓ               ｏｒ               ｆａｉｌｕｒｅｓ.                Ｃｏｎｃｌｕｓｉｏｎ                Ｔｈｅ               ａｃｑｕｉｓｉｔｉｏｎ               ｏｆ               ａ               ｃｏｍｐａｎｙ               ｂｙ               ａｎｏｔｈｅｒ               ｃｏｍｐａｎｙ               ｓｈｏｕｌｄ               ｂｅ               ｖｉｅｗｅｄ               ａｓ               ａｎ               ｉｎｖｅｓｔｍｅｎｔ               ｗｉｔｈ               ａｎ               ｕｎｃｅｒｔａｉｎ               ｏｕｔｃｏｍｅ. Ｉｎ               Ｌｅｓｔｅｒ               Ｅｌｅｃｔｒｏｎｉｃｓ,               Ｉｎｃ. (ＬＥＩ)               ｓｉｔｕａｔｉｏｎ               ｔｈｅｙ               ｄｅｃｉｄｅｄ               ｔｏ               ｆｏｒｍ               ａ               ｍｅｒｇｅｒ               ｗｉｔｈ               Ｓｈａｎｇ-ｗａ               Ｅｌｅｃｔｒｏｎｉｃｓ               (ＳＷＥ. Ｉｎ               ｏｒｄｅｒ               ｆｏｒ               ｔｈｉｓ               ｍｅｒｇｅｒ               ｔｏ               ｂｅ               ｓｕｃｃｅｓｓｆｕｌ,               ＬＥＩ               ａｎｄ               ＳＷＥ               ｎｅｅｄｅｄ               ａ               ｓｏｕｎｄ               ｃｏｒｐｏｒａｔｅ               ａｎｄ               ｆｉｎａｎｃｉａｌ               ｐｌａｎ. "Ｗｈｅｎ               ｏｎｅ               ｆｉｒｍ               ａｃｑｕｉｒｅｓ               ａｎｏｔｈｅｒ,               ｉｔ               ｍｕｓｔ               ｃｈｏｏｓｅ               ｔｈｅ               ｌｅｇａｌ               ｆｒａｍｅｗｏｒｋ,               ｔｈｅ               ａｃｃｏｕｎｔｉｎｇ               ｍｅｔｈｏｄ,               ａｎｄ               ｔａｘ               ｓｔａｔｕｓ"               (Ｒｏｓｓ,               Ｗｅｓｔｅｒｆｉｅｌｄ,               Ｊａｆｆｅ,               2004,               ｐ. 796). Ｉｎ               ａｄｄｉｔｉｏｎ               ｔｏ               ｔｈｅ               ａｂｏｖｅ               ｄｅｃｉｓｉｏｎｓ,               ｂｏｔｈ               ｃｏｍｐａｎｉｅｓ               ａｌｓｏ               ｈａｄ               ｔｏ               ｄｅｃｉｄｅ               ｏｎ               ｅｎｄ               ｓｔａｔｅ               ｇｏａｌｓ               ａｎｄ               ａｌｔｅｒｎａｔｉｖｅ               ｓｏｌｕｔｉｏｎｓ               ａｌｏｎｇ               ｗｉｔｈ               ａｎａｌｙｚｅ               ｔｈｅ               ｒｉｓｋｓ               ａｎｄ               ｂｅｎｅｆｉｔｓ               ａｓｓｏｃｉａｔｅｄ. Ｏｎｃｅ               ｔｈｅ               ｏｐｔｉｍａｌ               ｓｏｌｕｔｉｏｎ               ｗａｓ               ｍａｄｅ               ｔｈｅ               ＣＥＯ,               ｂｏａｒｄ               ｏｆ               ｄｉｒｅｃｔｏｒｓ               ａｎｄ               ｓｈａｒｅｈｏｌｄｅｒｓ               ｈａｄ               ｔｏ               ｃｏｍｅ               ｕｐ               ｗｉｔｈ               ａｎ               ｉｍｐｌｅｍｅｎｔａｔｉｏｎ               ｐｌａｎ               ａｎｄ               ｍｅａｓｕｒｅ               ｔｈｅｓｅ               ｒｅｓｕｌｔｓ               ａｇａｉｎｓｔ               ａ               ｓｅｔ               ｏｆ               ｍｅｔｒｉｃｓ               ｐｒｅｖｉｏｕｓ               ａｇｒｅｅｄ               ｕｐｏｎ. Ａｌｔｈｏｕｇｈ               ｎｏ               ｐｌａｎ               ｉｓ               100%               ｆａｉｌ               ｐｒｏｏｆ,               ｗｈｅｎ               ｉｔ               ｃｏｍｅｓ               ｔｏ               ａｃｑｕｉｓｉｔｉｏｎｓ               ａｎｄ               ｍｅｒｇｅｒｓ,               ｍａｋｉｎｇ               ｔｈｅ               ｒｉｇｈｔ               ｄｅｃｉｓｉｏｎｓ               ａｎｄ               ｉｍｐｌｅｍｅｎｔｉｎｇ               ｔｈｅ               ｒｉｇｈｔ               ｐｌａｎｓ               ｃａｎ               ｇｒｅａｔｌｙ               ｉｎｃｒｅａｓｅ               ｔｈｅ               ｃｈａｎｃｅ               ｏｆ               ａ               ｓｕｃｃｅｓｓｆｕｌ               ｍｅｒｇｅｒ. Ｒｅｓｕｌｔｉｎｇ               ｉｎ               ｍａｘｉｍｉｚｉｎｇ               ｓｈａｒｅｈｏｌｄｅｒ'ｓ               ｗｅａｌｔｈ               ｔｈｒｏｕｇｈ               ｅｎｈａｎｃｅｄ               ｒｅｖｅｎｕｅｓ,               ｌｏｗｅｒ               ｔａｘｅｓ,               ｃｏｓｔ               ｒｅｄｕｃｔｉｏｎ               ａｎｄ               ｌｏｗｅｒ               ｃｏｓｔ               ｏｆ               ｃａｐｉｔａｌ.                Ｒｅｆｅｒｅｎｃｅｓ                Ｂｌｏｏｍｓｂｕｒｙ               Ｂｕｓｉｎｅｓｓ               Ｌｉｂｒａｒｙ               -               Ｂｕｓｉｎｅｓｓ               &               Ｍａｎａｇｅｍｅｎｔ               Ｄｉｃｔｉｏｎａｒｙ. Ｓｉｌｅｎｔ               Ｐａｒｔｎｅｒ.                (2007). Ｒｅｔｒｉｅｖｅｄ               Ｍａｒｃｈ               15,               2008               ｆｒｏｍ               ＥＢＳＣＯｈｏｓｔ               ｄａｔａｂａｓｅ                Ｌｅｃｔｕｒｅ               6. Ｃｕｒｒｅｎｃｙ               Ｅｘｐｏｓｕｒｅ. (2007). Ｒｅｔｒｉｅｖｅｄ               Ｍａｒｃｈ               15,               2008               ｆｒｏｍ                ｈｔｔｐ://ａｃｃｆｉｎｗｅｂ.ａｃｃｏｕｎｔ.ｓｔｒａｔｈ.ａｃ.ｕｋ/ａｍ/ｔｍｌ6.ｈｔｍｌＲｏｓｓ,               Ｗｅｓｔｅｒｆｉｅｌｄ,               Ｊａｆｆｅ               (2004). Ａｃｃｏｕｎｔｉｎｇ               Ｓｔａｔｅｍｅｎｔｓ               ａｎｄ               Ｃａｓｈ               Ｆｌｏｗｓ. Ｎｅｗ               Ｙｏｒｋ:               Ｔｈｅ               ＭｃＧｒａｗ-Ｈｉｌｌ               Ｃｏｍｐａｎｉｅｓ.                Ｒｏｓｓ,               Ｗｅｓｔｅｒｆｉｅｌｄ,               Ｊａｆｆｅ               (2004). Ｆｉｎａｎｃｉａｌ               Ｐｌａｎｎｉｎｇ               ａｎｄ               Ｇｒｏｗｔｈ. Ｎｅｗ               Ｙｏｒｋ:               Ｔｈｅ               ＭｃＧｒａｗ-Ｈｉｌｌ               Ｃｏｍｐａｎｉｅｓ.                Ｒｏｓｓ,               Ｗｅｓｔｅｒｆｉｅｌｄ,               Ｊａｆｆｅ               (2004). Ｍｅｒｇｅｒｓ               ａｎｄ               Ａｃｑｕｉｓｉｔｉｏｎｓ. Ｎｅｗ               Ｙｏｒｋ:               Ｔｈｅ               ＭｃＧｒａｗ-Ｈｉｌｌ               Ｃｏｍｐａｎｉｅｓ.                ＴＤ               ＡＭＥＲＩＴＲＡＤＥ,               Ｉｎｃ. Ｔｈｅ               Ｉｍｐｏｒｔａｎｃｅ               ｏｆ               Ｄｉｖｅｒｓｉｆｉｃａｔｉｏｎ               (2003). Ｒｅｔｒｉｅｖｅｄ               Ｍａｒｃｈ               15,               2008                ｆｒｏｍ               ｈｔｔｐ://ｗｗｗ.ａｍｅｒｉｔｒａｄｅｆｉｎａｎｃｉａｌ.ｃｏｍ/ｅｄｕｃａｔｉｏｎｖ2/ｆｈｔｍｌ/ｌｅａｒｎｉｎｇ/ｄｉｖｅｒｓｉｆｉｃａｔｉｏｎ.ｆｈｔｍ                Ｕｎｋｎｏｗｎ               ａｕｔｈｏｒ               (2008)               Ｌｅｓｔｅｒ               Ｅｌｅｃｔｒｏｎｉｃｓ               Ａ               Ｃｏｍｐａｎｙ               Ｏｖｅｒｖｉｅｗ               Ｒｅｔｒｉｅｖｅｄ               ｆｒｏｍ                ｈｔｔｐ://ｅｃａｍｐｕｓ.ｐｈｏｅｎｉｘ.ｅｄｕ                Ｔａｂｌｅ               1               -               Ｉｓｓｕｅ               ａｎｄ               Ｏｐｐｏｒｔｕｎｉｔｙ               Ｉｄｅｎｔｉｆｉｃａｔｉｏｎ                Ｉｓｓｕｅ                Ｏｐｐｏｒｔｕｎｉｔｙ                Ｒｅｆｅｒｅｎｃｅ               ｔｏ               Ｓｐｅｃｉｆｉｃ                Ｃｏｕｒｓｅ               Ｃｏｎｃｅｐｔ                (Ｉｎｃｌｕｄｅ               ｃｉｔａｔｉｏｎ)                Ｃｏｎｃｅｐｔ                Ｌｅｓｔｅｒ               Ｅｌｅｃｔｒｏｎｉｃｓ               ｔｏ               ｍｅｒｇｅ               ｗｉｔｈ               Ｓｈａｎｇ-ｗａ               Ｅｌｅｃｔｒｏｎｉｃｓ               ｃｏｍｐｌｅｔｉｎｇ               ｃｏｍｐａｎｙ               ｖａｌｕａｔｉｏｎ               ｔｏ               ｆａｃｉｌｉｔａｔｅ               ａｇｒｅｅｍｅｎｔ               ｏｆ               ａｎ               ｅｔｈｉｃａｌ               ａｎｄ               ｆａｉｒ               ｂｉｄ               ｉｎ               ｐｒｅｐａｒａｔｉｏｎ               ｆｏｒ               ｃｏｒｐｏｒａｔｅ               ｆｉｎａｎｃｉｎｇ               (Ｒｏｓｓ,               2005).                Ｏｂｔａｉｎｉｎｇ               ｆｉｎａｎｃｉｎｇ               ｔｏ               ｐｒｏｃｅｓｓ               ｔｈｅ               ｍｅｒｇｅｒ               ｗｉｔｈ               Ｓｈａｎｇ-ｗａ               Ｅｌｅｃｔｒｏｎｉｃｓ               ｔｈａｔ               ｉｓ               ｂｏｔｈ               ａｃｃｏｍｍｏｄａｔｉｎｇ               ｔｏ               ｃｏｎｔｉｎｕｅｄ               ｃｏｍｐａｎｙ               ｇｒｏｗｔｈ               ａｎｄ               ｎｏｔ               ｂｕｒｄｅｎｓｏｍｅ               ｔｏ               ｃａｐｉｔａｌ               ｇａｉｎｓ               ｔａｘａｔｉｏｎ.                Ｎｅｗ               ｓｔｒａｔｅｇｉｅｓ               ｆｏｒ               ｂｅｓｔ               ｐｒａｃｔｉｃｅｓ               ｂｙ               ｄｅｖｅｌｏｐｉｎｇ               ａｎｄ               ｉｍｐｌｅｍｅｎｔｉｎｇ               ａ               ｖｉｓｉｏｎ               &               ｍｉｓｓｉｏｎ               ｓｔａｔｅｍｅｎｔｓ               ａｎｄ               ｏｖｅｒａｌｌ               ｃｏｒｐｏｒａｔｅ               ｏｂｊｅｃｔｉｖｅｓ               ａｓ               ａ               ｇｕｉｄｅ               ｔｏ               ｃｏｒｐｏｒａｔｅ               ｐｕｒｐｏｓｅ               ｔｏ               ｉｎｃｒｅａｓｅ               ｐｒｏｆｉｔｓ                Ａｃｑｕｉｓｉｔｉｏｎ               ｏｆ               ｍａｎｕｆａｃｔｕｒｉｎｇ               ｆａｃｉｌｉｔｉｅｓ               ｔｏ               ｄｅｖｅｌｏｐ               ａｎｄ               ｐｒｏｄｕｃｅ               ｎｅｗ               ｐｒｏｄｕｃｔ               ｔｏ               ａｓｓｉｓｔ               ｉｎ               ｍａｘｉｍｉｚｉｎｇ               ｗｅａｌｔｈ               ｆｏｒ               ｔｈｅ               ｎｏｗ               ｍｅｒｇｅｄ               ｃｏｒｐｏｒａｔｉｏｎｓ. Ｔｈｉｓ               ｉｓ               ａ               ｗｉｎｎｉｎｇ               ｐｒｏｐｏｓｉｔｉｏｎ               ｕｔｉｌｉｚｉｎｇ               ｃｏｍｐａｎｙ               ｄｉｖｅｒｓｉｔｙ               ｏｆ               ｐｕｒｐｏｓｅ                Ｂｏｔｈ               ｃｏｍｐａｎｉｅｓ               ｗｉｌｌ               ｂｅｎｅｆｉｔ               ｂｙ               ｃｒｅａｔｉｎｇ               ａ               ｓｔｒｏｎｇ               ａｎｄ               ｖｉａｂｌｅ               ｃｏｒｐｏｒａｔｉｏｎ. Ｗｉｔｈ               ｔｈｅ               ａｂｉｌｉｔｙ               ｔｏ               ｉｎｃｒｅａｓｅ               ｓｈａｒｅｈｏｌｄｅｒ               ｗｅａｌｔｈ               ｂｙ               ａｖｏｉｄｉｎｇ               ｃｏｍｐａｎｙ               ｔａｋｅｏｖｅｒ               ｂｉｄｓ               (Ｃｏｍｐａｎｙ               Ｏｖｅｒｖｉｅｗ,               2005).                Ｔｈｅ               ｐｒｏｂａｂｉｌｉｔｙ               ｏｆ               ｂｅｃｏｍｉｎｇ               ａ               ｇｌｏｂａｌ               ａｌｌ               ｉｎｃｌｕｓｉｖｅ               ｍａｎｕｆａｃｔｕｒｅｒ               ａｎｄ               ｄｉｓｔｒｉｂｕｔｏｒ               ｏｆ               ｐｒｅｃｉｓｉｏｎ               ｅｌｅｃｔｒｏｎｉｃ               ｃａｐａｃｉｔｏｒｓ               (Ｃｏｍｐａｎｙ               Ｏｖｅｒｖｉｅｗ,               2007).                Ｅｓｔａｂｌｉｓｈｉｎｇ               ａ               ｃｏｒｐｏｒａｔｅ               ｃｈａｉｎ               ｏｆ               ｃｏｍｍａｎｄ               ａｎｄ               ｃｕｔｔｉｎｇ               ｒｅｄｕｎｄａｎｃｙ               ｉｎ               ｐｅｒｓｏｎｎｅｌ               ａｆｔｅｒ               ｍｅｒｇｅｒ. Ｓｔｒｅａｍｌｉｎｉｎｇ               ｔｈｅ               ｂｕｓｉｎｅｓｓ               ａｎｄ               ｉｎｃｒｅａｓｉｎｇ               ｎｅｔ               ｗｏｒｋｉｎｇ               ｃａｐｉｔａｌ               ｔｈｒｏｕｇｈ               ｅｌｉｍｉｎａｔｉｏｎ               ｏｆ               ｕｎ-ｎｅｃｅｓｓａｒｙ               ｗａｇｅｓ               (Ｒｏｓｓ,               2007).                Ｔｏ               ｂｅｇｉｎ               ｔｈｅ               ｎｅｗ               ｃｏｍｐａｎｙ               ｏｎ               ａ               ｈｉｇｈ               ｎｏｔｅ               ｏｆ               ａｃｃｏｍｐｌｉｓｈｍｅｎｔ               ｂｙ               ｄｅｖｅｌｏｐｉｎｇ               ａ               ｐｒｏｄｕｃｔ               ｔｏ               ｓｏｌｉｄｉｆｙ               ｔｈｅ               ｍｅｒｇｅｒ               ｏｎ               ａ               ｓｕｃｃｅｓｓｆｕｌ               ｅｎｄｅａｖｏｒ.                Ｇｒｏｗｔｈ               ｏｐｐｏｒｔｕｎｉｔｉｅｓ               ｗｉｔｈｏｕｔ               ｌｏｓｔ               ｏｆ               ｅｉｔｈｅｒ               ｃｏｍｐａｎｙ               ｏｒ               ｍｉｎｉｍｉｚａｔｉｏｎ               ｏｆ               ｒｉｓｋ               ｆａｃｔｏｒｓ               (Ｒｏｓｓ,               2005).                Ｉｄｅｎｔｉｆｙｉｎｇ               ｆｉｎａｎｃｉｎｇ               ｎｅｅｄｓ               ｆｏｒ               ｗｅａｌｔｈ               ｍａｘｉｍｉｚａｔｉｏｎ               ｗｈｉｌｅ               ｃｏｎｔｉｎｕｉｎｇ               ｔｏ               ｄｅｃｒｅａｓｅ               ｔｈｅ               ｒｉｓｋ               ａｎｄ               ｉｎｃｒｅａｓｉｎｇ               ｔｈｅ               ｔａｘ               ｄｅｄｕｃｔｉｏｎｓ               (Ｒｏｓｓ,               2007).                Ｒｉｓｋ               ａｓｓｏｃｉａｔｅｄ               ｗｉｔｈ               ｍｅｒｇｅｒｓ               ａｎｄ               ｄｅｃｒｅａｓｅｄ               ｎｅｔ               ｗｏｒｋｉｎｇ               ｃａｐｉｔａｌ               ｓａｖｉｎｇ               ｃａｓｈ               ｏｎ               ｈａｎｄ               ｔｈｒｏｕｇｈ               ａｌｔｅｒｎａｔｉｖｅ               ｍｅｔｈｏｄｓ               ａｎｄ               ｂｕｄｇｅｔ               ｃｏｎｓｔｒａｉｎｔｓ               (Ｒｏｓｓ,               2007               Ｃｈ               7               &               8).                Ｄｅｓｃｒｉｂｉｎｇ               ｔｈｅ               ｉｍｐａｃｔ               ｏｆ               ｆｉｎａｎｃｉａｌ               ａｎｄ               ｇｌｏｂａｌ               ｅｎｖｉｒｏｎｍｅｎｔｓ               ｏｎ               ｗｅａｌｔｈ               ｍａｘｉｍｉｚａｔｉｏｎ               ｕｓｉｎｇ               ｗｈａｔ               ｉｓ               ａｖａｉｌａｂｌｅ               ｔｏ               ｉｎｃｒｅａｓｅ               ｐｒｏｆｉｔａｂｉｌｉｔｙ               (Ｒｏｓｓ,               2005).                Ａｐｐｌｙｉｎｇ               ｗｅａｌｔｈ               ｍａｘｉｍｉｚａｔｉｏｎ               ｉｎ               ｍｅｒｇｅｒ               ｔｅｃｈｎｉｑｕｅｓ               ａｎｄ               ｉｎｄｕｓｔｒｙ               ｖａｌｕａｔｉｏｎ               ｍｅｔｈｏｄｏｌｏｇｉｅｓ               (Ｒｏｓｓ,               2005               ｃｈ               29).                Ａｓｓｅｓｓｉｎｇ               ｆｉｎａｎｃｉｎｇ               ｎｅｅｄｓ               ｆｏｒ               ｗｅａｌｔｈ               ｍａｘｉｍｉｚａｔｉｏｎ               (Ｒｏｓｓ,               2007               ｃｈ               3).                Ｉｎｃｒｅｍｅｎｔａｌ               ｃａｓｈ               ｆｌｏｗｓ               ｒｅｄｕｃｉｎｇ               ｃｏｓｔ               ｏｆ               ｃａｐｉｔａｌ               ｆｉｎａｎｃｉａｌ               ｐｌａｎｎｉｎｇ               ｍｏｄｅｌ               (Ｒｏｓｓ,               2007               ｃｈ               3).                Ａｎａｌｙｚｉｎｇ               ｒｉｓｋ,               ｓｏｕｒｃｅｓ               ｏｆ               ｓｙｎｅｒｇｙ               ｆｒｏｍ               ａｃｑｕｉｓｉｔｉｏｎｓ               (Ｒｏｓｓ,               2007               ｃｈ               29).                Ｔａｂｌｅ               2               -               Ｓｔａｋｅｈｏｌｄｅｒ               Ｐｅｒｓｐｅｃｔｉｖｅｓ                Ｓｔａｋｅｈｏｌｄｅｒ               Ｐｅｒｓｐｅｃｔｉｖｅｓ                Ｓｔａｋｅｈｏｌｄｅｒ               Ｇｒｏｕｐｓ                Ｔｈｅ               Ｉｎｔｅｒｅｓｔｓ,               Ｒｉｇｈｔｓ,               ａｎｄ                Ｖａｌｕｅｓ               ｏｆ               Ｅａｃｈ               Ｇｒｏｕｐ                Ｍｒ. Ｊｏｈｎ               Ｌｉｎ,               ＣＥＯ               ａｎｄ               ｆｏｕｎｄｅｒ               ｏｆ               Ｓｈａｎｇ-ｗａ               Ｅｌｅｃｔｒｏｎｉｃｓ               (ＳＷＥ)                Ｇｌｏｂａｌ               ｅｘｐａｎｓｉｏｎ               ａｌｏｎｇ               ｗｉｔｈ               ａｎ               ｅｘｐｅｒｔ               ｍａｎａｇｅｍｅｎｔ               ｔｅａｍ               ｔｈａｔ               ｗｉｌｌ               ａｌｌｏｗ               ｈｉｍ               ｔｏ               ｔａｋｅ               ｔｉｍｅ               ｏｆｆ               ｔｏ               ｓｐｅｎｄ               ｗｉｔｈ               ｆａｍｉｌｙ               ａｎｄ               ｅｖｅｎｔｕａｌｌｙ               ｇｅｔ               ｏｕｔ               ｏｆ               ｔｈｅ               ｂｕｓｉｎｅｓｓ               ａｌｌ               ｔｏｇｅｔｈｅｒ.                Ｍｒ. Ｂｅｒｎａｒｄ               Ｌｅｓｔｅｒ,               ＣＥＯ               ａｎｄ               ｆｏｕｎｄｅｒ               ｏｆ               Ｌｅｓｔｅｒ               Ｅｌｅｃｔｒｏｎｉｃｓ               Ｉｎｃ. (ＬＥＩ)                Ｍａｉｎｔａｉｎ               ｔｈｅ               ｅｘｃｌｕｓｉｖｅ               ａｇｒｅｅｍｅｎｔ               ｗｉｔｈ               ＳＷＥ               ｏｆ               ｐｕｒｃｈａｓｉｎｇ               ａｎｎｕａｌｌｙ               ａ               ｍｉｎｉｍｕｍ               ｏｆ               $1               ｍｉｌｌｉｏｎ               ｗｏｒｔｈ               ｏｆ               ｃａｐａｃｉｔｏｒｓ               ｔｏ               ｓｅｌｌ               ｉｎ               ｔｈｅ               Ｕｎｉｔｅｄ               Ｓｔａｔｅｓ. Ａｌｓｏ               ＬＥＩ               ｗｏｕｌｄ               ｌｉｋｅ               ｔｏ               ｍａｒｋｅｔ               ｄｏｍｅｓｔｉｃ               ｍａｄｅ               ｐａｒｔｓ               ｉｎｔｅｒｎａｔｉｏｎａｌｌｙ.                Ｍｒ. Ｄａｖｉｄ               Ａｎｔｏｉｎｅ,               ＣＥＯ               ｏｆ               Ｔｒａｎｓａｃｔｉｏｎａｌ               Ｅｌｅｃｔｒｏｎｉｃｓ               Ｃｏｒｐｏｒａｔｉｏｎ                Ａｆｔｅｒ               ｓｅｖｅｒａｌ               ｍｅｒｇｅｒｓ               ａｎｄ               ａｃｑｕｉｓｉｔｉｏｎｓ               ＴＥＣ               ｗｏｕｌｄ               ｌｉｋｅ               ｔｏ               ｅｘｐａｎｄ               ｇｌｏｂａｌｌｙ. Ｔｈｅ               ａｃｑｕｉｓｉｔｉｏｎ               ｏｆ               ＳＷＥ               ｗｏｕｌｄ               ｍａｋｅ               ｔｈｉｓ               ｐｏｓｓｉｂｌｅ               ａｎｄ               ｗｏｕｌｄ               ｅｌｉｍｉｎａｔｅ               ｓｏｍｅ               ｏｆ               ｔｈｅｉｒ               ｃｏｍｐｅｔｉｔｉｏｎ               ｉｎ               ｔｈｅ               ｐｒｏｃｅｓｓ.                Ｐｅｔｅｒ               Ｚａｃｋ,               Ｍａｎａｇｉｎｇ               Ｄｉｒｅｃｔｏｒ,               Ｓｉｌｖｅｒ               Ｓｏｃｋｓ               Ｃｏｍｐａｎｙ                Ｏｆｔｅｎ               ｒｅｆｅｒｒｅｄ               ｔｏ               ａｓ               ｓｏｍｅｏｎｅ               ｗｈｏ               ｍａｋｅｓ               ｄｅａｌｓ               ｈａｐｐｅｎｅｄ,               ｗｏｒｋｓ               ｆｏｒ               ａｎ               Ｉｎｖｅｓｔｍｅｎｔ               Ｂａｎｋｉｎｇ               ｆｉｒｍ               ｏｎ               Ｗａｌｌ               Ｓｔｒｅｅｔ. Ｐｅｔｅｒ               Ｚａｃｋ               ｗａｓ               ｔｈｅ               ｃｏｌｌｅｇｅ               ｒｏｏｍｍａｔｅ               ｏｆ               Ｒｏｂｅｒｔ               Ｐａｇｅｔ,               ｔｈｅ               ｖｉｃｅ               ｐｒｅｓｉｄｅｎｔ               ｏｆ               Ａｃｑｕｉｓｉｔｉｏｎｓ               ｆｏｒ               Ａｖｒａｌ. Ｍｒ. Ｚａｃｋ               ｉｓ               ｃｕｒｒｅｎｔｌｙ               ｒｅｐｒｅｓｅｎｔｉｎｇ               Ａｖｒａｌ               Ｅｌｅｃｔｒｏｎｉｃｓ               ｉｎ               ａ               ｑｕｅｓｔ               ｔｏ               ａｃｑｕｉｒｅ               ＬＥＩ.                Ｒｏｂｅｒｔ               Ｐａｇｅｔ,               Ｖｉｃｅ               Ｐｒｅｓｉｄｅｎｔ               ｏｆ               Ａｃｑｕｉｓｉｔｉｏｎｓ,               Ａｖｒａｌ               Ｅｌｅｃｔｒｏｎｉｃｓ                Ｋｎｏｗｎ               ａｓ               ａｎ               ａｇｇｒｅｓｓｉｖｅ               "ｇｏ               ｇｅｔｔｅｒ",               ｈａｓ               ｂｅｅｎ               ｗｉｔｈ               Ａｖｒａｌ               Ｅｌｅｃｔｒｏｎｉｃｓ               ｆｏｒ               ｆｉｖｅ               ｙｅａｒｓ. Ｄｕｒｉｎｇ               ｔｈｉｓ               ｔｉｍｅ               Ｍｒ. Ｐａｇｅｔ               ｈａｓ               ｎｅｇｏｔｉａｔｅｄ               ａｎｄ               ｐｕｒｃｈａｓｅｄ               ｓｉｘ               ｎｏｔｅｗｏｒｔｈｙ               ｅｌｅｃｔｒｏｎｉｃｓ               ｃｏｍｐａｎｉｅｓ. Ｔｈｅｓｅ               ａｃｑｕｉｓｉｔｉｏｎｓ               ｈａｖｅ               ｉｎｃｒｅａｓｅｄ               Ａｖｒａｌ'ｓ               ｅｘｔｅｒｎａｌ               ａｎｎｕａｌ               ｒｅｖｅｎｕｅ               ｆｒｏｍ               $300               ｍｉｌｌｉｏｎ               ｔｏ               $900               ｍｉｌｌｉｏｎ. Ａｓ               ａ               ｒｅｓｕｌｔ               ｏｆ               ｈｉｓ               ｈａｒｄ               ｗｏｒｋ               ａｎｄ               ｃｏｎｔｒｉｂｕｔｉｏｎｓ               ｔｏ               Ａｖｒａｌ,               ｈｅ               ｗａｓ               ｒｅｃｅｎｔｌｙ               ｐｒｏｍｏｔｅｄ               ｔｏ               Ｖｉｃｅ               Ｐｒｅｓｉｄｅｎｔ               ｏｆ               Ａｃｑｕｉｓｉｔｉｏｎｓ. Ｉｆ               ｔｈｉｓ               ａｃｑｕｉｓｉｔｉｏｎ               ｏｆ               ＬＥＩ               ｇｏｅｓ               ｔｈｒｏｕｇｈ               ｉｔ               ｗｏｕｌｄ               ｇｒｅａｔｌｙ               ｅｎｈａｎｃｅ               Ｍｒ. Ｐａｇｅｔ'ｓ               ｒｅｓｕｍｅ'.                Ｔａｂｌｅ               4-               Ｒｉｓｋ               Ａｓｓｅｓｓｍｅｎｔ               ａｎｄ               Ｍｉｔｉｇａｔｉｏｎ               Ｔｅｃｈｎｉｑｕｅｓ                Ｒｉｓｋ               Ａｓｓｅｓｓｍｅｎｔ               ａｎｄ               Ｍｉｔｉｇａｔｉｏｎ               Ｔｅｃｈｎｉｑｕｅｓ                Ａｌｔｅｒｎａｔｉｖｅ               Ｓｏｌｕｔｉｏｎ                Ｒｉｓｋｓ               ａｎｄ               Ｐｒｏｂａｂｉｌｉｔｙ                Ｃｏｎｓｅｑｕｅｎｃｅ               ａｎｄ               Ｓｅｖｅｒｉｔｙ                Ｍｉｔｉｇａｔｉｏｎ               Ｔｅｃｈｎｉｑｕｅｓ                Ｐａｒｔｎｅｒｓｈｉｐ                ·               Ｇｒｅａｔｅｒ               ｐｅｒｓｏｎａｌ               ｌｉａｂｉｌｉｔｙ                ·               Ｉｔ               ｉｓ               ｄｉｆｆｉｃｕｌｔ               ｆｏｒ               ａ               ｐａｒｔｎｅｒｓｈｉｐ               ｔｏ               ｒａｉｓｅ               ｌａｒｇｅ               ａｍｏｕｎｔｓ               ｏｆ               ｃａｓｈ.                ·               Ｄｉｓｓｏｌｕｔｉｏｎ               ｏｆ               ｐａｒｔｎｅｒｓｈｉｐ               ｍａｙ               ｂｅ               ｄｉｆｆｉｃｕｌｔ                ·               Ｌｅｇａｌ               ｏｂｌｉｇａｔｉｏｎ                ·               Ｌｉａｂｌｅ               ｆｏｒ               ｄｅｂｔｓ                ·               Ａｒｔｉｃｌｅｓ               ｏｆ               Ｐａｒｔｎｅｒｓｈｉｐ                ·               Ａｒｂｉｔｒａｔｉｏｎ                Ｒｅｓｔｒｕｃｔｕｒｉｎｇ               ｔｈｒｏｕｇｈ               ｄｉｖｅｒｓｉｆｙｉｎｇ                ·               Ｕｎｓｙｓｔｅｍａｔｉｃ               ｒｉｓｋ                ·               Ｓｙｓｔｅｍａｔｉｃ               Ｒｉｓｋ                ·               Ｉｎｃｌｕｄｅｓ               ｓｔｒｉｋｅｓ,               ｎａｔｕｒａｌ               ｄｉｓａｓｔｅｒｓ,               ｆｉｒｅｓ               ｏｒ               ｓｌｕｇｇｉｓｈ               ｓａｌｅｓ.                ·               Ｄｉｖｅｒｓｉｆｙ                Ｃｒｅａｔｉｎｇ               ａ               ｇｌｏｂａｌ               ｂｕｓｉｎｅｓｓ                ·               Ｔｒａｎｓａｃｔｉｏｎ               Ｅｘｐｏｓｕｒｅ                ·               Ｔｒａｎｓｌａｔｉｏｎａｌ               Ｅｘｐｏｓｕｒｅ                ·               Ｅｃｏｎｏｍｉｃ               Ｅｘｐｏｓｕｒｅ                ·               Ｔｈｅ               ｒａｔｅ               ｏｆ               ｅｘｃｈａｎｇｅ               ｉｎ               ｗｈｉｃｈ               ｃａｓｈ               ｐａｙｍｅｎｔｓ               ｒｅｓｕｌｔ               ｉｎ               ａ               ｄｉｆｆｅｒｅｎｔ               ｒａｔｅ               ｏｆ               ｅｘｃｈａｎｇｅ.                ·               Ｔｈｅ               ｎｅｔ               ｗｏｒｔｈ               ｏｆ               ａ               ｃｏｍｐａｎｙ               ｃｈａｎｇｉｎｇ               ｂｅｃａｕｓｅ               ｏｆ               ｆｌｕｃｔｕａｔｉｎｇ               ｏｆ               ａｓｓｅｔｓ/ｌｉａｂｉｌｉｔｉｅｓ               ｗｈｅｒｅ               ｔｈｅ               ｆｏｒｅｉｇｎ               ｃｕｒｒｅｎｃｉｅｓ               ａｒｅ               ｄｏｍｉｎａｔｅｓ.                ·               Ｗｈｅｎ               ｔｈｅ               ｐｒｅｓｅｎｔ               ｖａｌｕｅ               ｏｆ               ｆｕｔｕｒｅ               ｃａｓｈ               ｆｌｏｗｓ               ｈａｓ               ｂｅｅｎ               ａｆｆｅｃｔｅｄ               ｄｕｅ               ｅｘｃｈａｎｇｅ               ｒａｔｅ               ｍｏｖｅｍｅｎｔｓ.                ·               Ｈｅｄｇｉｎｇ                Ｔａｂｌｅ               5               -               Ｏｐｔｉｍａｌ               Ｓｏｌｕｔｉｏｎ               Ｉｍｐｌｅｍｅｎｔａｔｉｏｎ               Ｐｌａｎ                Ｄｅｌｉｖｅｒａｂｌｅ                Ｔｉｍｅｌｉｎｅ                Ｗｈｏ               ｉｓ               Ｒｅｓｐｏｎｓｉｂｌｅ                Ｌｅｓｔｅｒ               Ｅｌｅｃｔｒｏｎｉｃｓ,               Ｉｎｃ. (ＬＥＩ)               ｗｉｌｌ               ｄｅｖｅｌｏｐ               ａｎ               ｉｍｐｌｅｍｅｎｔａｔｉｏｎ               ｐｌａｎ               ｔｏ               ｍｅｒｇｅ               ｗｉｔｈ               Ｓｈａｎｇ-ｗａ               Ｅｌｅｃｔｒｏｎｉｃｓ               (ＳＷＥ).                3               ｍｏｎｔｈｓ                Ｂｅｒｎａｒｄ               Ｌｅｓｔｅｒ,               ＣＥＯ               ｏｆ               ＬＥＩ,               Ａｎｎｅ               Ｌｏｒａｌｅ,               ＣＦＯ               ｏｆ               ＬＥＩ,               Ｊｏｈｎ               Ｓｎｏｗ               ａｎｄ               ｔｈｅ               Ｂｏａｒｄ               ｏｆ               Ｄｉｒｅｃｔｏｒ'ｓ               ｆｏｒ               ＬＥＩ,               Ｊｏｈｎ               Ｌｉｎ,               ＣＥＯ               ｏｆ               ＳＷＥ               ａｎｄ               ｈｉｓ               Ｂｏａｒｄ               ｏｆ               Ｄｉｒｅｃｔｏｒ'ｓ.                ＬＥＩ               ａｎｄ               ＳＷＥ               ｗｉｌｌ               ｌｅａｓｅ               ｔｈｅ               ｂｕｉｌｄｉｎｇ               ａｎｄ               ｃａｐｉｔａｌ               ｎｅｃｅｓｓａｒｙ               ｔｏ               ｏｐｅｎ               ｔｈｅ               Ａｓｉａ               ｃａｐａｃｉｔｏｒ               ｍａｎｕｆａｃｔｕｒｉｎｇ               ｐｌａｎｔ.                3               ｔｏ               6               ｍｏｎｔｈｓ                Ｂｅｒｎａｒｄ               Ｌｅｓｔｅｒ,               ＣＥＯ               ｏｆ               ＬＥＩ,               Ａｎｎｅ               Ｌｏｒａｌｅ,               ＣＦＯ               ｏｆ               ＬＥＩ,               Ｊｏｈｎ               Ｌｉｎ,               ＣＥＯ               ｏｆ               ＳＷＥ.                ＬＥＩ               ａｎｄ               ＳＷＥ               ｗｉｌｌ               ｓｅｔ               ｉｎｖｅｎｔｏｒｙ               ｔｕｒｎ               ｒａｔｅｓ               ｉｎ               ｔｈｅ               ｎｅｗ               Ａｓｉａ               ｍａｎｕｆａｃｔｕｒｉｎｇ               ｐｌａｎｔ               ｕｓｉｎｇ               ｔｈｅ               ｉｎｖｅｎｔｏｒｙ               ｔｕｒｎｏｖｅｒ               ｒａｔｉｏ               ｔｏ               ｒｅｄｕｃｅ               ｄｅｂｔ               ａｎｄ               ｍｏｖｅ               ｐｒｏｄｕｃｔｓ               ｔｉｍｅｌｙ.                9               ｍｏｎｔｈｓ                Ａｎｎｅ               Ｌｏｒａｌｅ,               ＣＦＯ               ｏｆ               ＬＥＩ,               ａｎｄ               ｔｈｅ               ｐｌａｎｔ               ｍａｎａｇｅｒ.                ＬＥＩ               ａｎｄ               ＳＷＥ               ｗｉｌｌ               ｄｅｔｅｒｍｉｎｅ               ｃｏｍｐａｎｙ               ｄｉｖｉｄｅｎｄ               ｐａｙｏｕｔｓ               ｔｏ               ｐａｙ               ｓｈａｒｅｈｏｌｄｅｒｓ.                12               ｍｏｎｔｈｓ                Ａｎｎｅ               Ｌｏｒａｌｅ,               ＣＦＯ               ｏｆ               ＬＥＩ.                ＬＥＩ               ａｎｄ               ＳＷＥ               ｗｉｌｌ               ｏｐｅｎ               ａ               ｎｅｗ               ｃａｐａｃｉｔｏｒ               ｍａｎｕｆａｃｔｕｒｉｎｇ               ｐｌａｎｔ               ｉｎ               Ａｓｉａ               ｔｏ               ｍｅｅｔ               ｇｒｏｗｉｎｇ               ｄｅｍａｎｄ.                12               ｍｏｎｔｈｓ                Ｂｅｒｎａｒｄ               Ｌｅｓｔｅｒ,               ＣＥＯ               ｏｆ               ＬＥＩ,               Ｊｏｈｎ               Ｌｉｎ,               ＣＥＯ               ｏｆ               ＳＷＥ,               ａｎｄ               ａ               ｒｅａｌ               ｅｓｔａｔｅ               ｃｏｍｐａｎｙ.                ＬＥＩ               ａｎｄ               ＳＷＥ               ｗｉｌｌ               ｒｅｄｕｃｅ               ｔｈｅｉｒ               ｄｅｂｔ-ｒａｔｉｏｓ               ｔｏ               ｐｒｏｄｕｃｅ               ｃｏｎｓｉｓｔｅｎｔ               ｅａｒｎｉｎｇｓ               ｔｏ               ｓｈａｒｅｈｏｌｄｅｒｓ               ａｎｄ               ｒｅｄｕｃｅ               ｉｎｔｅｒｅｓｔ               ｅｘｐｅｎｓｅｓ.                24               ｍｏｎｔｈｓ                Ａｎｎｅ               Ｌｏｒａｌｅ,               ＣＦＯ               ｏｆ               ＬＥＩ.                Ｔａｂｌｅ               6               -               Ｅｎｄ               Ｓｔａｔｅ               Ｇｏａｌｓ                Ｅｎｄ-Ｓｔａｔｅ               Ｇｏａｌｓ                Ｍｅｔｒｉｃｓ                Ｔａｒｇｅｔ                Ｌｅｓｔｅｒ               Ｅｌｅｃｔｒｏｎｉｃｓ,               Ｉｎｃ               (ＬＥＩ)               ｗｉｌｌ               ｐｒｅｓｅｒｖｅ               ｔｈｅｉｒ               ｃｏｍｐｅｔｉｔｉｖｅｎｅｓｓ               ｉｎ               ｔｈｅ               ｍａｒｋｅｔ               ｗｉｔｈ               ｔｈｅ               Ｓｈａｎｇ-ｗａ               Ｅｌｅｃｔｒｏｎｉｃｓ               (ＳＷＥ)               ｍｅｒｇｅｒ                Ｐｅｒｃｅｎｔ               ｏｆ               ｍａｒｋｅｔ               ｓｈａｒｅ               ｈｅｌｄ               ｂｙ               ＬＥＩ                Ｏｂｔａｉｎ               15%               ｏｆ               ｔｈｅ               Ｍａｒｋｅｔ               Ｓｈａｒｅ               ｉｎ               Ａｓｉａ               ａｎｄ               20%               ｉｎ               ｔｈｅ               ＵＳ               ｗｉｔｈｉｎ               ｔｈｅ               ｎｅｘｔ               5               ｙｅａｒｓ.                ＬＥＩ               ｗｉｌｌ               ｓｕｓｔａｉｎ               ｔｈｅｉｒ               ｌｏｎｇｅｖｉｔｙ               ｗｉｔｈ               ｔｈｅ               ＳＷＥ               ｍｅｒｇｅｒ                Ｙｅａｒｓ               ｉｎ               ｂｕｓｉｎｅｓｓ               ａｆｔｅｒ               ｔｈｅ               ｍｅｒｇｅｒ                Ｔｏ               ｓｔｉｌｌ               ｂｅ               ｉｎ               ｂｕｓｉｎｅｓｓ               ｉｎ               ｔｈｅ               ｙｅａｒｓ               ｆｏｌｌｏｗｉｎｇ               ｔｈｅ               ｍｅｒｇｅｒ.                ＬＥＩ               ｗｉｌｌ               ｅｎｓｕｒｅ               ｔｈｅ               ｓｕｐｐｌｙ               ｏｆ               ｃａｐａｃｉｔｏｒｓ                Ｎｕｍｂｅｒ               ｏｆ               ｃａｐａｃｉｔａｔｏｒｓ               ｓｕｐｐｌｉｅｄ                Ｔｈｅ               ｓａｍｅ               ｎｕｍｂｅｒ               ｏｒ               ｍｏｒｅ               ｃａｐａｃｉｔａｔｏｒｓ               ｓｕｐｐｌｉｅｄ               ａｆｔｅｒ               ｔｈｅ               ｍｅｒｇｅｒ               ａｓ               ｂｅｆｏｒｅ               ｔｈｅ               ｍｅｒｇｅｒ.                ＬＥＩ               ｗｉｌｌ               ｋｅｅｐ               ｓｔｏｃｋ               ｐｒｉｃｅｓ               ｆｒｏｍ               ｆａｌｌｉｎｇ               ｄｒａｓｔｉｃａｌｌｙ                Ｐｒｉｃｅ               ｏｆ               Ｓｔｏｃｋ                Ｓｔｏｃｋｓ               ｗｉｌｌ               ｄｒｏｐ               ｌｅｓｓ               ｔｈａｎ               10%               ｉｎ               ｔｈｅ               ｙｅａｒ               ｆｏｌｌｏｗｉｎｇ               ｔｈｅ               ｍｅｒｇｅｒ.                ＬＥＩ               ｗｉｌｌ               ｖｅｎｔｕｒｅ               ｉｎｔｏ               ｏｔｈｅｒ               ｍａｒｋｅｔｓ                Ｎｕｍｂｅｒ               ｏｆ               Ｍａｒｋｅｔｓ               ｅｎｔｅｒｅｄ               ａｆｔｅｒ               ｔｈｅ               ｍｅｒｇｅｒ                Ｅｎｔｅｒ               ｉｎｔｏ               ａｔ               ｌｅａｓｔ               2               ｎｅｗ               ｍａｒｋｅｔｓ               ｉｎ               ｔｈｅ               ｎｅｘｔ               5               ｙｅａｒｓ                ＬＥＩ               ｗｉｌｌ               ｅｎｓｕｒｅ               ｔｈａｔ               ｔｈｅｉｒ               ｆｉｎａｎｃｅｓ               ｗｉｌｌ               ｒｅｍａｉｎ               ｓｔａｂｌｅ                Ｄｅｂｔ/Ｅｑｕｉｔｙ               Ｒａｔｉｏ                Ａ               ｄｅｂｔ               ｔｏ               ｅｑｕｉｔｙ               ｒａｔｉｏ               ｔｈａｔ               ｉｓ               1               ｏｒ               ｌｏｗｅｒ.

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Notably, the it

Total Asset Ratio Debt to Total Assets Ratio Asset to Liability Ratio Liabilities to Assets Ratio Total Liability to Equity Ratio Assets Over Liabilities Ratio

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