Brookfield Asset Management is considering a €6.45 billion ($6.9 billion) bid for Grifols SA, with the drug maker’s board set to meet Tuesday to discuss the potential offer. Grifols’s shares fell.
Christopher Ballard, managing director of Check Capital Management talks about Brookfield stocks hit a record high after beating earnings expectations.
The transaction committee of Grifols’ board, which oversees talks with Brookfield, has considered the price and concluded that it undervalues the company and it cannot recommend it, according to a statement from Grifols Tuesday. Brookfield had issued a seperate regulatory filing earlier, in which it disclosed that it had signaled a tentative, non-binding price of €10.5 per Class A share of Grifols and €7.62 per class B share.
Brookfield and the Grifols family, which owns about a third of the company, have been in talks since July to take the company private. The approach came after Grifols was hit by a short-seller attack in January, that led to a collapse in its share price and sweeping management changes — including a new chief executive officer, a new chief financial officer and the removal of all family members from daily management positions.
The talks have been dragging as Brookfield undertakes detailed due diligence on the company. The potential €10.5 price had been reported on Monday by Spanish website El Confidencial.
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