Grifols’ capital continues to fluctuate. When the takeover decision by Brookfield is about to reach its final chapter, the Brandes investment fund has informed the US SEC (the counterpart of the Spanish CNMV) that it already owns 13.47% of the standard shares. B from the blood products firm.
Brandes was already in Grifols’ capital since last year. As of December 2023, it owned 9.5% of the company’s B shares. But also, after the Gotham City stock market attack on January 8, it was one of the first entities to trust the pharmaceutical company and expand its participation above 10%. Now, with the latest movement, it is already close to 13.5% of the shares.
It should be remembered that the type of securities purchased by this fund do not have voting rights, but not in all cases. lGrifols’ bylaws establish that both receive the same economic and political treatment in the event of an exclusion takeover bid, operation in which Brookfield has been working since July together with the founding family of the Catalan company. That is to say, Brandes has bought greater decision-making power in the face of the operation that looms over the pharmaceutical company.
The majority of the package owned by Brandes (9.5%) was purchased at a higher price than the class B securities now have. This could imply that the American fund was not very inclined to say yes to the future takeover bid. in the event that the offer was low. But it is also true that refusing to allow the operation to go ahead could trigger a drop in shares.
Latest movements of the OPA
The novel between Brookfield and Grifols writes its last chapters. The private equity fund continues to analyze the operation and try to find the security barriers required by the net debt of more than 9,000 million that the pharmaceutical company carries. Certain information suggests that the Canadian entity has found banking support, specifically from Santander and Deutsche Bank, according to The Confidentialto refinance the next payments that the pharmaceutical company must face. This medium has not been able to confirm these statements with either Grifols or Brookfield since they have declined to make any assessment.
The private equity fund, beyond covering itself against the debt, would now have to study the offer it wants to launch for 65% of the shares it intends to obtain. Amounts ranging between fourteen and fifteen euros per share are being handled, but there are also market sources who consider that this amount would not be enough and are betting that the operation will derail in the coming weeks.
Currently, Grifols’ capitalization is 7,201 million euros, with the share at 11.30 euros. These figures suggest that Brookfield’s disbursement without taking into account the premium would be almost 4,560 million euros. If it were calculated on a share at 14 euros, the offer would amount to 5,802 million.
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