The board of directors of Grifols rejected the potential public tender offer Exclusion of Canadian funds Brookfield Asset Management at the price of 10.5 euros per share and recommended to shareholders not accept this price, which amounts to valuing the signature of blood products at 6.450 million, judging it too low.
“A potential offer from Brookfield of €6,450 million for the company’s entire outstanding share capital (the sum of class A and B shares) which implies an indicative price of €10.50 per share for the shares class A, would underestimate significantly the fundamental perspectives of the company and its potential long term and, therefore, the board of directors would not recommend to the shareholders of the company to accept a possible offer at the indicated price,” the company said in a statement sent to the National Securities Market Commission ( CNMV).
This was declared by the company’s board of directors, meeting in an extraordinary manner this Tuesday, without the intervention of directors with a conflict of interest and following the recommendation of its Transactions Committee.
Concretely, the Grifols Transactions Committee “would not be able to recommend to the board of directors to support a takeover bid for the company at this valuation, nor to recommend to the company’s shareholders the acceptance of a potential offer at the indicated price. . “.
The Transactions Committee communicated this fact to Brookfield and requested that the special board meeting be called.
The company’s management body met after receiving confirmation from the fund that it was considering a price of 10.5 euros “as an indication of value without commitment” for each of its securities. class “A” shares in the public takeover offer (OPA) that it plans to launch with the founding family for the Catalan company, which represents a premium of 22% compared to the securities listed on the Ibex 35 of the Spanish company from of July 4, 2024 (date on which Grifols closed at 8.63 euros).
Similarly, Brookfield argued that it offers a price of 7.62 euros for everyone type “B” action of Grifols, which are the securities listed on the Continuous Market.
Although the Canadian entity, through its UK subsidiary Brookfield Capital Partners, said it continues to interact “positively with the Grifols Transaction Committee”, it acknowledged that “at present it is no agreement or decision regarding the potential offer. or its possible general conditions, -including, without limitation, potential prices-“.
“There is no no guarantee of an offer for Grifols shares. Any news will be communicated to the market in accordance with the provisions of the applicable regulations,” he confirmed.
The Court investigates Gotham
This Tuesday precisely, the judge José Luis Calama National Court admitted a complaint from Anti-corruption prosecution against the bearish society Gotham City Research, General Industrial Partners LLP (GIP) and several of its directors for allegedly disclosing “biased and misleading” information to the financial market about the credibility of Grifols, in order to induce its investors to sell the shares of the Catalan company, thus causing a price drop this would generate a profit for the two companies denounced.
In an order, the president of the Central Court of Instruction number 4 collects the facts detailed in the complaint from the Public Prosecutor’s Office, which indicates the commission of possible crimes against the market and consumers.
