In recent weeks there has been much speculation about the amount of the offer that the Brookfield fund will make to acquire, together 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 price. on the stock market since the Gotham report was published at the beginning of the year.
The last price that has appeared on the scene would be 10.5 euros per sharea level that is even below its stock market value at the close of last Friday. Hence the reaction seen this Monday, when the Catalan has fallen by more than 5% during the sessionapproaching the aforementioned 10.5 euros.
The market, however, continues to insist that this price greatly underestimates the real value of Grifols and, therefore, accepting the takeover bid would go against the interests of retailers. In fact, The company’s average valuations remain around 16.5 eurosmore than 50% above Brookfield’s hypothetical offer.
“If confirmed, the price would be below the range of 11-12 euros that has been rumored in the press and which in any case we think undervalues the company, given that it is below our target price and the one managed by the consensus,” they explain from Banco Sabadell.
Likewise, the majority of analysis houses that follow Grifols maintain a buy recommendation. Specifically, almost 70% of them advise this, while for only two, 10% of the total, the appropriate strategy is to sell at this moment.
Last week it emerged that the Brandes fund already accumulated more than 13% of the outstanding class B shares. It should be remembered that the type of securities purchased by this fund do not have voting rights, but not in all cases. Grifols’ bylaws establish that both receive the same economic and political treatment in the event of a delisting takeover bid and, therefore, the company will unify them into a single type of title.
In this sense, although in recent months the prices of securities with and without voting rights have converged, there is still a 20% gap.
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