<p>建築產品分銷公司 <strong>GMS</strong>(GMS 24.43%) 的競標戰似乎正在醖釀中，投資者對可能性感到興奮。</p>
<p>在一位未徵求的買家將 <strong>GMS</strong> 納入競標後，該公司的股票在週五早晨上漲了 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>圖片來源：Getty Images。</p>
<h2>建築產品的競標戰？</h2>
<p><strong>GMS</strong> 是一家為消費者和商業客户提供建築產品和工具的分銷商。週三晚些時候，<strong>QXO</strong>(QXO 8.20%) 提出了以約 50 億美元收購該業務的提議，現金每股 95.20 美元，較 <strong>GMS</strong> 的 60 天成交量加權平均價溢價 27%。</p>
<p><strong>QXO</strong> 是由併購專家 Brad Jacobs 組建的一個整合公司，Jacobs 曾參與過 <strong>XPO</strong> 和 <strong>United Rentals</strong> 等公司的併購。該公司在四月完成了首次交易，以 110 億美元收購了 Beacon Roofing Supply，並繼續尋求收購機會，目標是在未來幾年內建立一個 500 億美元的業務。</p>
<p><strong>GMS</strong> 表示其董事會將審查該提議。<strong>QXO</strong> 設置了 6 月 24 日的回應截止日期，表示如果無法達成交易，將直接與 <strong>GMS</strong> 的股東聯繫。</p>
<p>但 <strong>QXO</strong> 可能會面臨競爭。週四晚些時候，《華爾街日報》報道稱 <strong>Home Depot</strong>(HD 0.95%) 也對 <strong>GMS</strong> 提出了報價。到目前為止，<strong>Home Depot</strong> 尚未公開其出價，尚不清楚其對 <strong>GMS</strong> 的報價是多少。</p>
<h2><strong>GMS</strong> 股票值得購買嗎？</h2>
<p>儘管沒有什麼是確定的，但由於有兩個資金雄厚的買家，<strong>GMS</strong> 作為獨立公司的時間似乎即將結束。而且，由於有兩個競標者，出售價格可能會高於 <strong>QXO</strong> 提出的每股 95.20 美元的報價。</p>
<p>市場已經對此進行了定價，週五早晨 <strong>GMS</strong> 的股票最高達到了 104 美元。</p>
<p>儘管 <strong>Home Depot</strong> 和 <strong>QXO</strong> 都有資源參與競標戰，但兩者都有聰明的管理團隊和穩健的戰略，似乎不太可能大幅溢價收購。尚不清楚 <strong>Home Depot</strong> 是否只是出於機會主義，還是認為 <strong>GMS</strong> 足夠具有戰略意義以參與競爭。</p>
<p>鑑於結果的不確定性以及 <strong>GMS</strong> 股票中已經包含的可觀溢價，投資者應謹慎行事。</p>

GMS公司

<p>GMS 股票在收到來自 QXO 的未經請求的收購提議後飆升了 26%，該提議對公司的估值為 50 億美元，或每股 95.20 美元，溢價 27%。QXO 由併購專家 Brad Jacobs 領導，旨在建立一個 500 億美元的業務，並設定了 6 月 24 日的回覆截止日期。報道稱，家得寶也提出了報價，但具體細節尚不清楚。由於有兩個潛在的競標者，GMS 的出售價格可能會超過最初的報價，但由於 GMS 股票的市場估值已經很高，投資者被建議保持謹慎</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>建築產品分銷公司 <strong>GMS</strong>(GMS 24.43%) 的競標戰似乎正在醖釀中，投資者對可能性感到興奮。</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>在一位未徵求的買家將 <strong>GMS</strong> 納入競標後，該公司的股票在週五早晨上漲了 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>圖片來源：Getty Images。</p>
</div><h2>A building products bidding war?</h2>
<div class="lb-trans"><h2>建築產品的競標戰？</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> 是一家為消費者和商業客户提供建築產品和工具的分銷商。週三晚些時候，<strong>QXO</strong>(QXO 8.20%) 提出了以約 50 億美元收購該業務的提議，現金每股 95.20 美元，較 <strong>GMS</strong> 的 60 天成交量加權平均價溢價 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> 是由併購專家 Brad Jacobs 組建的一個整合公司，Jacobs 曾參與過 <strong>XPO</strong> 和 <strong>United Rentals</strong> 等公司的併購。該公司在四月完成了首次交易，以 110 億美元收購了 Beacon Roofing Supply，並繼續尋求收購機會，目標是在未來幾年內建立一個 500 億美元的業務。</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> 表示其董事會將審查該提議。<strong>QXO</strong> 設置了 6 月 24 日的回應截止日期，表示如果無法達成交易，將直接與 <strong>GMS</strong> 的股東聯繫。</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> 可能會面臨競爭。週四晚些時候，《華爾街日報》報道稱 <strong>Home Depot</strong>(HD 0.95%) 也對 <strong>GMS</strong> 提出了報價。到目前為止，<strong>Home Depot</strong> 尚未公開其出價，尚不清楚其對 <strong>GMS</strong> 的報價是多少。</p>
</div><h2>Is GMS stock a buy?</h2>
<div class="lb-trans"><h2><strong>GMS</strong> 股票值得購買嗎？</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>儘管沒有什麼是確定的，但由於有兩個資金雄厚的買家，<strong>GMS</strong> 作為獨立公司的時間似乎即將結束。而且，由於有兩個競標者，出售價格可能會高於 <strong>QXO</strong> 提出的每股 95.20 美元的報價。</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>市場已經對此進行了定價，週五早晨 <strong>GMS</strong> 的股票最高達到了 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>儘管 <strong>Home Depot</strong> 和 <strong>QXO</strong> 都有資源參與競標戰，但兩者都有聰明的管理團隊和穩健的戰略，似乎不太可能大幅溢價收購。尚不清楚 <strong>Home Depot</strong> 是否只是出於機會主義，還是認為 <strong>GMS</strong> 足夠具有戰略意義以參與競爭。</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>鑑於結果的不確定性以及 <strong>GMS</strong> 股票中已經包含的可觀溢價，投資者應謹慎行事。</p>
</div>

為什麼 GMS 公司的股票今天大幅上漲