<p><strong>沃爾格林聯合博姿</strong>(WBA 0.34%) 近年來一直是一隻難以讓人喜愛的股票，這要歸因於多次企業失誤。情況糟糕到董事會決定最佳的行動方案是在私有化的情況下進行轉型。這筆交易意味着沃爾格林在一年後將不再是一家上市公司。但這並不是全部，更多激進的投資者可能仍然對這隻股票感興趣，因為這次私有化交易有一個獨特的細節。以下是你需要知道的。</p>
<h2>從行業巨頭到私有化</h2>
<p>大型藥品零售商屈指可數，而沃爾格林就是其中之一。多年來，它一直是一個增長型企業，但最終市場變得飽和。通常一個街角有一個沃爾格林，另一個街角則是它的競爭對手。整個行業的增長停滯並不令人驚訝。</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>圖片來源：Getty Images。</p>
<p>接下來發生的事情是沃爾格林尋找其他方式來繼續增長其業務。它嘗試進入藥品福利管理業務，但結果並不如預期。然後它開始建立醫療診所業務，但也沒有達到預期。這家公司原本有望成為股息之王，最終卻削減並取消了股息（取消是在私有化協議達成後）。</p>
<p>沃爾格林最近一直在努力調整其業務規模，包括關閉門店。然而，這次重組可能是一項龐大的工程，在公開市場上實施將非常困難。投資者不喜歡公司縮減規模，而沃爾格林正是處於這樣的過程中。因此，在三月初，它同意以每股 11.45 美元的價格被 Sycamore Partners Management 私有化。這筆交易預計將在 2025 年下半年完成。</p>
<h2>為什麼沃爾格林的交易價格高於協議價格？</h2>
<p>通常在收購情況下，被收購公司的股票交易價格會略低於收購價格。這是因為交易破裂的風險總是存在。然而，沃爾格林的股票交易價格略高於收購價格，這表明這裏發生了一些奇怪的事情。</p>
<p>問題在於，Sycamore Partners 計劃出售沃爾格林的醫療診所業務。它將給沃爾格林的股東一張可能價值高達每股 3 美元的憑證，具體取決於診所業務的銷售價格。因此，現在以每股超過 11.45 美元購買沃爾格林的投資者，實際上是在購買這張憑證，因為他們在沃爾格林的股票上鎖定了損失。</p>
<p>但有一個問題。診所業務的出售沒有時間表。而且 Sycamore Partners 從買方那裏獲得的價格也沒有保證。因此，這張 3 美元的憑證可能毫無價值，或者相反，看到任何收益所需的時間可能非常長，從而降低潛在利潤的時間價值。結果將如何，根本無法預測。</p>
<p>因此，今天購買沃爾格林並不是大多數投資者應該做的事情，特別是如果他們本性保守。喜歡特殊情況的激進投資者可能會喜歡它，因為診所業務可能確實有一些價值。但這仍然是一項高風險的投資，最大收益約為 25%。這聽起來很多，確實如此，但前提是現金能迅速到位。</p>
<h2>沃爾格林將在一年內消失，但不會被遺忘</h2>
<p>一年後，沃爾格林將不再是一家上市公司。但由於與醫療診所業務出售相關的 3 美元憑證，它將留在投資者的記憶中。儘管如此，從長遠來看，沃爾格林最終再次上市的可能性似乎非常高——屆時將會有完全不同的股票——希望能在行業中佔據更好的位置。然而，目前只有激進投資者應該關注沃爾格林。</p>

沃爾格林聯合博姿

<p>沃爾格林聯合博姿（Walgreens Boots Alliance，WBA）將以每股 11.45 美元的價格在 Sycamore Partners Management 的管理下私有化，預計交易將在 2025 年底完成。儘管交易價格高於協議價格，投資者仍在購買與沃爾格林醫療診所業務出售相關的每股 3 美元的潛在 “憑證”。這一投資風險較大，時間表和結果不確定，僅適合激進投資者。一年後，沃爾格林將不再公開交易，但其未來可能會以更強的地位重返公開市場</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>沃爾格林聯合博姿</strong>(WBA 0.34%) 近年來一直是一隻難以讓人喜愛的股票，這要歸因於多次企業失誤。情況糟糕到董事會決定最佳的行動方案是在私有化的情況下進行轉型。這筆交易意味着沃爾格林在一年後將不再是一家上市公司。但這並不是全部，更多激進的投資者可能仍然對這隻股票感興趣，因為這次私有化交易有一個獨特的細節。以下是你需要知道的。</p>
</div><h2>From industry giant to going private</h2>
<div class="lb-trans"><h2>從行業巨頭到私有化</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>大型藥品零售商屈指可數，而沃爾格林就是其中之一。多年來，它一直是一個增長型企業，但最終市場變得飽和。通常一個街角有一個沃爾格林，另一個街角則是它的競爭對手。整個行業的增長停滯並不令人驚訝。</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>圖片來源：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>接下來發生的事情是沃爾格林尋找其他方式來繼續增長其業務。它嘗試進入藥品福利管理業務，但結果並不如預期。然後它開始建立醫療診所業務，但也沒有達到預期。這家公司原本有望成為股息之王，最終卻削減並取消了股息（取消是在私有化協議達成後）。</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>沃爾格林最近一直在努力調整其業務規模，包括關閉門店。然而，這次重組可能是一項龐大的工程，在公開市場上實施將非常困難。投資者不喜歡公司縮減規模，而沃爾格林正是處於這樣的過程中。因此，在三月初，它同意以每股 11.45 美元的價格被 Sycamore Partners Management 私有化。這筆交易預計將在 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>為什麼沃爾格林的交易價格高於協議價格？</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>通常在收購情況下，被收購公司的股票交易價格會略低於收購價格。這是因為交易破裂的風險總是存在。然而，沃爾格林的股票交易價格略高於收購價格，這表明這裏發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>問題在於，Sycamore Partners 計劃出售沃爾格林的醫療診所業務。它將給沃爾格林的股東一張可能價值高達每股 3 美元的憑證，具體取決於診所業務的銷售價格。因此，現在以每股超過 11.45 美元購買沃爾格林的投資者，實際上是在購買這張憑證，因為他們在沃爾格林的股票上鎖定了損失。</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>但有一個問題。診所業務的出售沒有時間表。而且 Sycamore Partners 從買方那裏獲得的價格也沒有保證。因此，這張 3 美元的憑證可能毫無價值，或者相反，看到任何收益所需的時間可能非常長，從而降低潛在利潤的時間價值。結果將如何，根本無法預測。</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，今天購買沃爾格林並不是大多數投資者應該做的事情，特別是如果他們本性保守。喜歡特殊情況的激進投資者可能會喜歡它，因為診所業務可能確實有一些價值。但這仍然是一項高風險的投資，最大收益約為 25%。這聽起來很多，確實如此，但前提是現金能迅速到位。</p>
</div><h2>Walgreens will be gone in a year, but not forgotten</h2>
<div class="lb-trans"><h2>沃爾格林將在一年內消失，但不會被遺忘</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>一年後，沃爾格林將不再是一家上市公司。但由於與醫療診所業務出售相關的 3 美元憑證，它將留在投資者的記憶中。儘管如此，從長遠來看，沃爾格林最終再次上市的可能性似乎非常高——屆時將會有完全不同的股票——希望能在行業中佔據更好的位置。然而，目前只有激進投資者應該關注沃爾格林。</p>
</div>

沃爾格林在一年後會處於什麼位置？