ATB易主谈判博弈（A）：收购方卧龙控股集团的抉择

In September 2011, together with his acquisition team, Chairman Chen of Wolong Holding Group flew from Shanghai to Vienna with Mirko Kovats, a shareholder of A-TEC holdings, for the third round of negotiations on the acquisition of its subsidiary ATB. The two sides had signed a letter of intent to invest after the first round of negotiations; but based on Wolong’s subsequent due diligence on ATB, Chairman Chen cut the price offered in half in the second round of negotiations. On hearing this Kovats stormed away from the negotiating table, leaving the negotiations in deadlock. As a leading motor enterprise in China, Wolong was fully aware of the strategic importance of the acquisition for the company’s internationalization, whereas for A-TEC, selling ATB could solve the pressing need to pay off its debts that were due. Thus, both sides were expecting that this third round of negotiations would have good results. Adopting Wolong’s perspective, Case (A) discusses the company’s principles on acquisition and three possible choices it faced; Case (B) proceeds from the point of view of A-TEC to describe its principles on being acquired and five options for resolution. Both sides felt unsure about this vital round of negotiations. This case can be used for courses on negotiation in for MBA, EMBA, and Senior Executive programs.