<p><strong>沃尔格林联合博姿</strong>(WBA 0.34%) 近年来一直是一只难以让人喜爱的股票，这要归因于多次企业失误。情况糟糕到董事会决定最佳的行动方案是在私有化的情况下进行转型。这笔交易意味着沃尔格林在一年后将不再是一家上市公司。但这并不是全部，更多激进的投资者可能仍然对这只股票感兴趣，因为这次私有化交易有一个独特的细节。以下是你需要知道的。</p>
<h2>从行业巨头到私有化</h2>
<p>大型药品零售商屈指可数，而沃尔格林就是其中之一。多年来，它一直是一个增长型企业，但最终市场变得饱和。通常一个街角有一个沃尔格林，另一个街角则是它的竞争对手。整个行业的增长停滞并不令人惊讶。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyNTkvMjVfMDhfMDItYS1zZXJpZXMtb2YtaGFuZHMtd2l0aC1sYXJnZXItYW5kLWxhcmdlci1zaXplZC1wYXBlci1tb25leS1pbi10aGVtLV9tZi1kbG9hZC1nZXR0eWltYWdlcy0xNDUzODQ1NTU0LTEyMDB4Nzk4LTM2YjdhMmUuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyNTkvMjVfMDhfMDItYS1zZXJpZXMtb2YtaGFuZHMtd2l0aC1sYXJnZXItYW5kLWxhcmdlci1zaXplZC1wYXBlci1tb25leS1pbi10aGVtLV9tZi1kbG9hZC1nZXR0eWltYWdlcy0xNDUzODQ1NTU0LTEyMDB4Nzk4LTM2YjdhMmUuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>接下来发生的事情是沃尔格林寻找其他方式来继续增长其业务。它尝试进入药品福利管理业务，但结果并不如预期。然后它开始建立医疗诊所业务，但也没有达到预期。这家公司原本有望成为股息之王，最终却削减并取消了股息（取消是在私有化协议达成后）。</p>
<p>沃尔格林最近一直在努力调整其业务规模，包括关闭门店。然而，这次重组可能是一项庞大的工程，在公开市场上实施将非常困难。投资者不喜欢公司缩减规模，而沃尔格林正是处于这样的过程中。因此，在三月初，它同意以每股 11.45 美元的价格被 Sycamore Partners Management 私有化。这笔交易预计将在 2025 年下半年完成。</p>
<h2>为什么沃尔格林的交易价格高于协议价格？</h2>
<p>通常在收购情况下，被收购公司的股票交易价格会略低于收购价格。这是因为交易破裂的风险总是存在。然而，沃尔格林的股票交易价格略高于收购价格，这表明这里发生了一些奇怪的事情。</p>
<p>问题在于，Sycamore Partners 计划出售沃尔格林的医疗诊所业务。它将给沃尔格林的股东一张可能价值高达每股 3 美元的凭证，具体取决于诊所业务的销售价格。因此，现在以每股超过 11.45 美元购买沃尔格林的投资者，实际上是在购买这张凭证，因为他们在沃尔格林的股票上锁定了损失。</p>
<p>但有一个问题。诊所业务的出售没有时间表。而且 Sycamore Partners 从买方那里获得的价格也没有保证。因此，这张 3 美元的凭证可能毫无价值，或者相反，看到任何收益所需的时间可能非常长，从而降低潜在利润的时间价值。结果将如何，根本无法预测。</p>
<p>因此，今天购买沃尔格林并不是大多数投资者应该做的事情，特别是如果他们本性保守。喜欢特殊情况的激进投资者可能会喜欢它，因为诊所业务可能确实有一些价值。但这仍然是一项高风险的投资，最大收益约为 25%。这听起来很多，确实如此，但前提是现金能迅速到位。</p>
<h2>沃尔格林将在一年内消失，但不会被遗忘</h2>
<p>一年后，沃尔格林将不再是一家上市公司。但由于与医疗诊所业务出售相关的 3 美元凭证，它将留在投资者的记忆中。尽管如此，从长远来看，沃尔格林最终再次上市的可能性似乎非常高——届时将会有完全不同的股票——希望能在行业中占据更好的位置。然而，目前只有激进投资者应该关注沃尔格林。</p>

沃尔格林联合博姿

<p>沃尔格林联合博姿（Walgreens Boots Alliance，WBA）将以每股 11.45 美元的价格在 Sycamore Partners Management 的管理下私有化，预计交易将在 2025 年底完成。尽管交易价格高于协议价格，投资者仍在购买与沃尔格林医疗诊所业务出售相关的每股 3 美元的潜在 “凭证”。这一投资风险较大，时间表和结果不确定，仅适合激进投资者。一年后，沃尔格林将不再公开交易，但其未来可能会以更强的地位重返公开市场</p>

<p><strong>Walgreens Boots Alliance</strong>(WBA 0.34%) has been a difficult stock to love for a few years, thanks to multiple corporate missteps. It got so bad that the board decided the best course of action was to effect a turnaround under private hands. That deal means that Walgreens won't be a publicly traded company a year from now. But that isn't the whole story, and more aggressive investors might still be interested in the stock because of a unique nuance of the take-private transaction. Here's what you need to know.</p>
<div class="lb-trans"><p><strong>沃尔格林联合博姿</strong>(WBA 0.34%) 近年来一直是一只难以让人喜爱的股票，这要归因于多次企业失误。情况糟糕到董事会决定最佳的行动方案是在私有化的情况下进行转型。这笔交易意味着沃尔格林在一年后将不再是一家上市公司。但这并不是全部，更多激进的投资者可能仍然对这只股票感兴趣，因为这次私有化交易有一个独特的细节。以下是你需要知道的。</p>
</div><h2>From industry giant to going private</h2>
<div class="lb-trans"><h2>从行业巨头到私有化</h2>
</div><p>There are only a handful of large pharmacy retailers, and Walgreens is one of them. For many years it was a growth business, but eventually the market became saturated. Often there was a Walgreens on one corner and one of its competitors just across the street. It's not shocking that growth stalled out throughout the sector.</p>
<div class="lb-trans"><p>大型药品零售商屈指可数，而沃尔格林就是其中之一。多年来，它一直是一个增长型企业，但最终市场变得饱和。通常一个街角有一个沃尔格林，另一个街角则是它的竞争对手。整个行业的增长停滞并不令人惊讶。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyNTkvMjVfMDhfMDItYS1zZXJpZXMtb2YtaGFuZHMtd2l0aC1sYXJnZXItYW5kLWxhcmdlci1zaXplZC1wYXBlci1tb25leS1pbi10aGVtLV9tZi1kbG9hZC1nZXR0eWltYWdlcy0xNDUzODQ1NTU0LTEyMDB4Nzk4LTM2YjdhMmUuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828259%2F25_08_02-a-series-of-hands-with-larger-and-larger-sized-paper-money-in-them-_mf-dload-gettyimages-1453845554-1200x798-36b7a2e.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><p>What happened next was that Walgreens looked for other ways to keep growing its business. It tried to buy into the pharmacy benefits management business, but that didn't go as well as hoped. And then it started to build out a healthcare clinic operation, but that didn't go as well as hoped. This company, which was on track to become a Dividend King, ended up cutting and then eliminating its dividend (the elimination came after the take-private agreement came about).</p>
<div class="lb-trans"><p>接下来发生的事情是沃尔格林寻找其他方式来继续增长其业务。它尝试进入药品福利管理业务，但结果并不如预期。然后它开始建立医疗诊所业务，但也没有达到预期。这家公司原本有望成为股息之王，最终却削减并取消了股息（取消是在私有化协议达成后）。</p>
</div><p>Walgreens had recently been working to right-size its business, including closing locations. However, the revamp is likely to be a large undertaking that will be difficult to effect in the public markets. Investors don't like it when companies shrink, and that's exactly what Walgreens is in the process of doing. So, in early March, it agreed to be taken private by Sycamore Partners Management for $11.45 per share. The transaction is likely to close sometime in the second half of 2025.</p>
<div class="lb-trans"><p>沃尔格林最近一直在努力调整其业务规模，包括关闭门店。然而，这次重组可能是一项庞大的工程，在公开市场上实施将非常困难。投资者不喜欢公司缩减规模，而沃尔格林正是处于这样的过程中。因此，在三月初，它同意以每股 11.45 美元的价格被 Sycamore Partners Management 私有化。这笔交易预计将在 2025 年下半年完成。</p>
</div><h2>Why is Walgreens trading for more than the deal price?</h2>
<div class="lb-trans"><h2>为什么沃尔格林的交易价格高于协议价格？</h2>
</div><p>Normally in a takeover situation, the stock of the company being acquired trades for slightly less than the takeover price. That's because there is always a risk that the deal falls apart. However, Walgreens' shares are trading hands for slightly more than the takeover price, which suggests that there is something odd going on here.</p>
<div class="lb-trans"><p>通常在收购情况下，被收购公司的股票交易价格会略低于收购价格。这是因为交易破裂的风险总是存在。然而，沃尔格林的股票交易价格略高于收购价格，这表明这里发生了一些奇怪的事情。</p>
</div><p>The wrinkle is that Sycamore Partners is planning on selling Walgreens' medical clinic business. And it will give Walgreens shareholders a chit that could be worth up to $3 per share, depending on the sales price it gets for the clinic business. So investors that are paying over $11.45 per share for Walgreens right now are, essentially, buying that chit, since they are locking in a loss on the Walgreens shares.</p>
<div class="lb-trans"><p>问题在于，Sycamore Partners 计划出售沃尔格林的医疗诊所业务。它将给沃尔格林的股东一张可能价值高达每股 3 美元的凭证，具体取决于诊所业务的销售价格。因此，现在以每股超过 11.45 美元购买沃尔格林的投资者，实际上是在购买这张凭证，因为他们在沃尔格林的股票上锁定了损失。</p>
</div><p>There's just one problem. There is no timeline for the sale of the clinic business. And there is no guarantee on the price that Sycamore Partners will extract from the buyer. So the $3 chit could be worthless or, conversely, the length of time it takes to see any money could be very long, reducing the time value of the potential profit. There's just no way to tell what the outcome will be.</p>
<div class="lb-trans"><p>但有一个问题。诊所业务的出售没有时间表。而且 Sycamore Partners 从买方那里获得的价格也没有保证。因此，这张 3 美元的凭证可能毫无价值，或者相反，看到任何收益所需的时间可能非常长，从而降低潜在利润的时间价值。结果将如何，根本无法预测。</p>
</div><p>And, as such, buying Walgreens today is not something that most investors should do, particularly if they are conservative by nature. More aggressive types that like special situations may like it, since the clinic business probably does have some value. But it is still a high-risk play that has a maximum upside of around 25%. That sounds like a lot, and it is, but only if the cash arrives quickly.</p>
<div class="lb-trans"><p>因此，今天购买沃尔格林并不是大多数投资者应该做的事情，特别是如果他们本性保守。喜欢特殊情况的激进投资者可能会喜欢它，因为诊所业务可能确实有一些价值。但这仍然是一项高风险的投资，最大收益约为 25%。这听起来很多，确实如此，但前提是现金能迅速到位。</p>
</div><h2>Walgreens will be gone in a year, but not forgotten</h2>
<div class="lb-trans"><h2>沃尔格林将在一年内消失，但不会被遗忘</h2>
</div><p>In one year, Walgreens will no longer be a public company. But it will linger in the minds of investors because of the $3 chit tied to the sale of the medical clinic business. That said, in the long term, it seems highly likely that Walgreens will eventually go public again -- with completely different shares -- hopefully with a better industry position. However, only aggressive investors should be looking at Walgreens right now.</p>
<div class="lb-trans"><p>一年后，沃尔格林将不再是一家上市公司。但由于与医疗诊所业务出售相关的 3 美元凭证，它将留在投资者的记忆中。尽管如此，从长远来看，沃尔格林最终再次上市的可能性似乎非常高——届时将会有完全不同的股票——希望能在行业中占据更好的位置。然而，目前只有激进投资者应该关注沃尔格林。</p>
</div>

沃尔格林在一年后会处于什么位置？