摘要：Versum 材料业务增长稳健，2018年营业利润率为20%，但基础材料板块增长相对缓慢。Versum Materials 预计2019年全年收入同比仅增长1%至4%，调整后的 EBITDA 增长4%至9%。
Shares of Versum Materials rose more than 18% today after it confirmed that German materials behemoth Merck KGaA was interested in acquiring the basic materials manufacturer. The proposed acquisition would occur for $48 per share, but the stock rose above that price. It turns out there's a good reason for overshooting the proposed acquisition value.
Versum Materials 股价今日上涨逾18%，此前该公司证实，德国材料巨头默克公司( Merck KGaA )有意收购这家基础材料生产商。拟议中的收购将以每股48美元的价格进行，但股价高于这个价格。事实证明，有一个很好的理由超过拟议的收购价值。
German drugs and lab supplies maker Merck KGaA offered $5.9 billion (4.4 billion pounds), including debt, for Versum Materials, in a cash deal that tops an offer from U.S. rival Entegris, as both seek to boost their electrochemicals operations.
德国药品和实验室用品制造商默克公司( Merck KGaA )出价59亿美元(约合44亿英镑)，其中包括债务，收购 Versum Materials ，现金交易高于美国竞争对手 Entegris 的出价，因两家公司都在寻求提高电化学业务。
At the end of January, Versum Materials agreed to merge with Entegris (NASDAQ: ENTG). The "merger of equals" promised to create a $9 billion materials company with a significant market share in the semiconductor industry. That deal was valued at around $35 per share. Now that Merck KGaA is interested, investors think a bidding war could erupt, or that they'll end up with considerably more cash.
1月底， Versum Materials 同意与 Entegris 合并（ NASDAQ ： ENGG ）。“对等合并”承诺将创建一个价值90亿美元的材料公司，在半导体行业占有重要的市场份额。这笔交易的价值约为每股35美元。既然默克（Merck KGaA）公司对此感兴趣，投资者认为一场竞购战可能爆发，或者最终会带来更多的现金。
As of 2:45 p.m. EST, the stock had settled to a 17.8% gain。
截至美国东部时间下午2点45分,该股已稳定上涨17.8%。
Having multiple suitors interested in an acquisition certainly isn't bad news for Versum Materials. Whether a bidding war will ensue is up for debate, however.
对于 Versum Materials 来说，拥有多个对收购感兴趣的买家肯定不是坏消息。然而，竞标战是否会接踵而至还有待讨论。
The materials business delivered solid fiscal first-quarter 2019 operating results, including an operating margin of 20%, but the basic materials sector is relatively slow growing. Versum Materials expects full-year 2019 revenue to grow just 1% to 4% year over year, while adjusted EBITDA could grow as much as 4% to 9% compared to 2018.
Versum 材料业务增长稳健，2018年营业利润率为20%，但基础材料板块增长相对缓慢。 Versum Materials 预计2019年全年收入同比仅增长1%至4%，而调整后的 EBITDA 与2018年相比可能增长4%至9%。
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