Brookfield Asset Management Ltd. is preparing to walk away from a plan to acquire Grifols SA over disagreements on valuation for the Spanish drug maker, according to people familiar with the matter.
Christopher Ballard, managing director of Check Capital Management talks about Brookfield stocks hit a record high after beating earnings expectations.
Grifols shares fell more than 13% in Madrid after the news was published by Bloomberg, the biggest intra-day decline since Feb. 29. Its bonds due in October 2028 recorded the steepest daily drop since January in early morning trading to around 89 cents. Grifols has faced a rough year since New York-based short seller Gotham City Research LLC issued a report in early January questioning its governance and accounting. The company has lost over a third of its market value since then, as the allegations and management mishaps eroded investor confidence.
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