<p>建筑产品分销公司 <strong>GMS</strong>(GMS 24.43%) 的竞标战似乎正在酝酿中，投资者对可能性感到兴奋。</p>
<p>在一位未征求的买家将 <strong>GMS</strong> 纳入竞标后，该公司的股票在周五早晨上涨了 26%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI0MDMvZHJ5d2FsbC1pbnN0YWxsYXRpb24tY29uc3RydWN0aW9uLXNvdXJjZS1nb29nbGUuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI0MDMvZHJ5d2FsbC1pbnN0YWxsYXRpb24tY29uc3RydWN0aW9uLXNvdXJjZS1nb29nbGUuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>建筑产品的竞标战？</h2>
<p><strong>GMS</strong> 是一家为消费者和商业客户提供建筑产品和工具的分销商。周三晚些时候，<strong>QXO</strong>(QXO 8.20%) 提出了以约 50 亿美元收购该业务的提议，现金每股 95.20 美元，较 <strong>GMS</strong> 的 60 天成交量加权平均价溢价 27%。</p>
<p><strong>QXO</strong> 是由并购专家 Brad Jacobs 组建的一个整合公司，Jacobs 曾参与过 <strong>XPO</strong> 和 <strong>United Rentals</strong> 等公司的并购。该公司在四月完成了首次交易，以 110 亿美元收购了 Beacon Roofing Supply，并继续寻求收购机会，目标是在未来几年内建立一个 500 亿美元的业务。</p>
<p><strong>GMS</strong> 表示其董事会将审查该提议。<strong>QXO</strong> 设置了 6 月 24 日的回应截止日期，表示如果无法达成交易，将直接与 <strong>GMS</strong> 的股东联系。</p>
<p>但 <strong>QXO</strong> 可能会面临竞争。周四晚些时候，《华尔街日报》报道称 <strong>Home Depot</strong>(HD 0.95%) 也对 <strong>GMS</strong> 提出了报价。到目前为止，<strong>Home Depot</strong> 尚未公开其出价，尚不清楚其对 <strong>GMS</strong> 的报价是多少。</p>
<h2><strong>GMS</strong> 股票值得购买吗？</h2>
<p>尽管没有什么是确定的，但由于有两个资金雄厚的买家，<strong>GMS</strong> 作为独立公司的时间似乎即将结束。而且，由于有两个竞标者，出售价格可能会高于 <strong>QXO</strong> 提出的每股 95.20 美元的报价。</p>
<p>市场已经对此进行了定价，周五早晨 <strong>GMS</strong> 的股票最高达到了 104 美元。</p>
<p>尽管 <strong>Home Depot</strong> 和 <strong>QXO</strong> 都有资源参与竞标战，但两者都有聪明的管理团队和稳健的战略，似乎不太可能大幅溢价收购。尚不清楚 <strong>Home Depot</strong> 是否只是出于机会主义，还是认为 <strong>GMS</strong> 足够具有战略意义以参与竞争。</p>
<p>鉴于结果的不确定性以及 <strong>GMS</strong> 股票中已经包含的可观溢价，投资者应谨慎行事。</p>

GMS公司

<p>GMS 股票在收到来自 QXO 的未经请求的收购提议后飙升了 26%，该提议对公司的估值为 50 亿美元，或每股 95.20 美元，溢价 27%。QXO 由并购专家 Brad Jacobs 领导，旨在建立一个 500 亿美元的业务，并设定了 6 月 24 日的回复截止日期。报道称，家得宝也提出了报价，但具体细节尚不清楚。由于有两个潜在的竞标者，GMS 的出售价格可能会超过最初的报价，但由于 GMS 股票的市场估值已经很高，投资者被建议保持谨慎</p>

<p>A bidding war appears to be brewing for building products distribution company <strong>GMS</strong>(GMS 24.43%), and investors are excited by the possibilities.</p>
<div class="lb-trans"><p>建筑产品分销公司 <strong>GMS</strong>(GMS 24.43%) 的竞标战似乎正在酝酿中，投资者对可能性感到兴奋。</p>
</div><p>Shares of GMS jumped 26% on Friday morning after the company was put in play by an unsolicited suitor.</p>
<div class="lb-trans"><p>在一位未征求的买家将 <strong>GMS</strong> 纳入竞标后，该公司的股票在周五早晨上涨了 26%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI0MDMvZHJ5d2FsbC1pbnN0YWxsYXRpb24tY29uc3RydWN0aW9uLXNvdXJjZS1nb29nbGUuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F822403%2Fdrywall-installation-construction-source-google.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>A building products bidding war?</h2>
<div class="lb-trans"><h2>建筑产品的竞标战？</h2>
</div><p>GMS is a construction products distributor and tool supplier for consumer and commercial customers. Late Wednesday, <strong>QXO</strong>(QXO 8.20%) proposed acquiring the business for about $5 billion, or $95.20 per share in cash, a premium of 27% to GMS's 60-day volume-weighted average.</p>
<div class="lb-trans"><p><strong>GMS</strong> 是一家为消费者和商业客户提供建筑产品和工具的分销商。周三晚些时候，<strong>QXO</strong>(QXO 8.20%) 提出了以约 50 亿美元收购该业务的提议，现金每股 95.20 美元，较 <strong>GMS</strong> 的 60 天成交量加权平均价溢价 27%。</p>
</div><p>QXO is a roll-up put together by Brad Jacobs, the M&amp;A specialist behind companies including <strong>XPO</strong> and <strong>United Rentals</strong>. The company did its first deal in April, acquiring Beacon Roofing Supply for $11 billion, and continues to seek out acquisition opportunities toward its goal to build a $50 billion business in the years to come.</p>
<div class="lb-trans"><p><strong>QXO</strong> 是由并购专家 Brad Jacobs 组建的一个整合公司，Jacobs 曾参与过 <strong>XPO</strong> 和 <strong>United Rentals</strong> 等公司的并购。该公司在四月完成了首次交易，以 110 亿美元收购了 Beacon Roofing Supply，并继续寻求收购机会，目标是在未来几年内建立一个 500 亿美元的业务。</p>
</div><p>GMS said its board would review the proposal. QXO set a deadline of June 24 for a response, saying it intends to go directly to GMS shareholders if a deal can't be worked out.</p>
<div class="lb-trans"><p><strong>GMS</strong> 表示其董事会将审查该提议。<strong>QXO</strong> 设置了 6 月 24 日的回应截止日期，表示如果无法达成交易，将直接与 <strong>GMS</strong> 的股东联系。</p>
</div><p>But QXO might have competition for the business. Late Thursday, <em>The Wall Street Journal</em> reported that <strong>Home Depot</strong>(HD 0.95%) has also made an offer for GMS. So far, Home Depot has not gone public with a bid, and it is unclear what price it is offering for GMS.</p>
<div class="lb-trans"><p>但 <strong>QXO</strong> 可能会面临竞争。周四晚些时候，《华尔街日报》报道称 <strong>Home Depot</strong>(HD 0.95%) 也对 <strong>GMS</strong> 提出了报价。到目前为止，<strong>Home Depot</strong> 尚未公开其出价，尚不清楚其对 <strong>GMS</strong> 的报价是多少。</p>
</div><h2>Is GMS stock a buy?</h2>
<div class="lb-trans"><h2><strong>GMS</strong> 股票值得购买吗？</h2>
</div><p>Though nothing is certain, with two deep-pocketed suitors, it appears likely that GMS's time as an independent company is nearing an end. And it is possible that, since there are two bidders, the sale will be for a higher price than the $95.20-per-share QXO offer.</p>
<div class="lb-trans"><p>尽管没有什么是确定的，但由于有两个资金雄厚的买家，<strong>GMS</strong> 作为独立公司的时间似乎即将结束。而且，由于有两个竞标者，出售价格可能会高于 <strong>QXO</strong> 提出的每股 95.20 美元的报价。</p>
</div><p>The market is already pricing that in, bidding GMS shares as high as $104 on Friday morning.</p>
<div class="lb-trans"><p>市场已经对此进行了定价，周五早晨 <strong>GMS</strong> 的股票最高达到了 104 美元。</p>
</div><p>Though both Home Depot and QXO have the resources to engage in a bidding war, both have smart management teams and solid strategies and seem unlikely to dramatically overpay. It is also unclear whether Home Depot was simply being opportunistic, or if the company considers GMS to be strategic enough to engage in a battle.</p>
<div class="lb-trans"><p>尽管 <strong>Home Depot</strong> 和 <strong>QXO</strong> 都有资源参与竞标战，但两者都有聪明的管理团队和稳健的战略，似乎不太可能大幅溢价收购。尚不清楚 <strong>Home Depot</strong> 是否只是出于机会主义，还是认为 <strong>GMS</strong> 足够具有战略意义以参与竞争。</p>
</div><p>Given the uncertainty of the outcome and the considerable premium already priced into GMS shares, investors should tread carefully.</p>
<div class="lb-trans"><p>鉴于结果的不确定性以及 <strong>GMS</strong> 股票中已经包含的可观溢价，投资者应谨慎行事。</p>
</div>

为什么 GMS 公司的股票今天大幅上涨