The board of directors of Grifols rejected the potential offer of the Canadian fund Brookfield Asset Management at a price of 10.5 euros per share and recommended that shareholders not accept this price, which amounts to valuing the product company blood at 6,450 million, considering it low. , according to a press release from the company sent to the National Securities Market Commission (CNMV).
“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), implying an indicative price of €10.50 per share for Class A shares, would significantly undervalue the Company’s fundamental prospects and long-term potential and, therefore, the Board of Directors would not recommend that the Company’s shareholders accept a potential offer at the stated price. “, says the multinational derivatives company.
This was declared by the Grifols 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 company’s 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 possible offer at the price indicated”. .”.
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 a non-binding indication of value” for each of its category “A” shares under the of the public takeover offer (OPA) that he plans to launch with the founding family on the Catalan company, which represents a premium of 22% compared to the securities listed on the Ibex 35 of the Spanish company at starting July 4, 2024 (date on which Grifols closed at 8.63 euros).
Similarly, Brookfield argued that it is offering a price of 7.62 euros for each type “B” share of Grifols, which are the securities listed on the continuous market.
Brookfield: “There is no agreement”
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 , there is no agreement or decision regarding the potential offer. or its possible terms and conditions, –including, without limitation, potential prices–“.
“There is no guarantee that an offer will be made for Grifols shares. Any news will be communicated to the market in accordance with the provisions of the applicable regulations,” he confirmed.
Gotham Investigation
Precisely this Tuesday, the judge of the National Court (AN) José Luis Calama admitted a complaint from the anti-corruption prosecutor’s office against the bearish company Gotham City Research, General Industrial Partners LLP (GIP) and several of its directors for, allegedly- saying, by launching “biased and misleading” information on the financial market about the credibility of Grifols, in order to encourage its investors to sell the shares of the Catalan company, causing a drop in the price that would generate a profit for both denounced commercial companies.
In an order collected by Europa Press, 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.
