The board of directors of Grifols gathered in an extraordinary manner this Tuesday to analyze a possible redemption of the fund Brookfield which values the total share capital of the company at 6.450 million euros. The supreme body of the blood products company decided to reject it and not to recommend “to the shareholders of the company the acceptance of a potential offer at the indicated price”.
The Grifols board of directors announced this positioning after Brookfield informed the CNMV on Tuesday that the non-binding indicative valuation amounts to 6.450 million euros for the entire outstanding share capital of the Catalan company.
The fund offered two different prices, one for each type of share in which the share capital of the pharmaceutical company is distributed.
For class A shares, the Australian company plans to offer 10.5 euros. This amount represents a premium of 22% compared to the said securities, listed on the Ibex 35, compared to the closing price on July 4. For class B shares, she intends to pay 7.62 euros.
The Grifols Board of Directors has spoken out on the matter and agreed with the Transactions Committee, which had previously advised against proceeding with the tender offer, as “a potential offer at this valuation level would significantly understate the company’s fundamental prospects and long-term potential“.
As a result, “the Transactions Committee would not be able to recommend to the Board of Directors to support a public offer for the company at this valuation”. nor to recommend to shareholders the acceptance of a possible offer at the price indicated“, as reported by the CNMV.
Brookfield detailed that at that time “there is no agreement or decision regarding the potential offer or its possible terms and conditions (including, without limitation, potential prices).”
Thus, the company “continues to interact with the Grifols Transactions Committee.” Likewise, remember that “there is no guarantee that an offer will be made for Grifols shares”.
It was last July that it emerged that Brookfield and the Grifols family were studying the launch of a public takeover bid (OPA) targeting 100% of the blood products company.
If the operation were successful, it would lead to the deregistration of the Catalan pharmaceutical company..
