​[딜 인사이드] 성호전자, '현금 최소화' M&A…메자닌 대납 눈길

Sungho Electronics successfully acquired ADS Tech by leveraging its surging stock price to use high-value warrants instead of cash, showcasing an aggressive M&A strategy. However, this creates a massive overhang risk as potential share dilution exceeds 30%, which could severely pressure the stock price given the company's declining core business performance.