In recent weeks there has been a lot of speculation about the amount of the offer that the Brookfield fund will make to acquire, with the family, the Grifols securities that they do not yet own and thus exclude it from the stock market, taking advantage of the strong penalty suffered by its stock price since the publication of the Gotham report at the start of the year.
The last price to appear on the scene would be 10.5 euros per sharea level which is even below its market value at the close of last Friday. Hence the reaction observed this Monday, when the Catalan fell more than 5% during the sessionapproaching the aforementioned 10.5 euros.
The market, however, continues to insist that this price significantly underestimates the true value of Grifols and that, therefore, accepting the takeover offer would go against the interests of the retailers. Actually, The company’s average valuations remain around 16.5 eurosmore than 50% above Brookfield’s hypothetical offer.
“If confirmed, the price would be lower than the range of 11-12 euros which has been rumored in the press and which, in any case, we believe undervalues the company, given that “it is lower than our price objective and that managed by the consensus”, they explain from Banco Sabadell.
Likewise, the majority of analysis houses that follow Grifols maintain a buy recommendation. Concretely, almost 70% of them advise it, while for only two, or 10% of the total, the appropriate strategy is to sell at that moment.
Last week it emerged that the Brandes fund had already accumulated more than 13% of outstanding Class B shares. Remember that the types of securities purchased by this fund do not have voting rights, but not in all cases. Grifols’ statutes establish that both benefit from the same economic and political treatment in the event of a public delisting offer and, therefore, the company will unify them into a single type of security.
In this sense, even if in recent months the prices of securities with and without voting rights have converged, there is still a difference of 20%.
