The board of directors of Grifols will meet in an extraordinary manner this Tuesday afternoon to analyze the information received from the Canadian fund Brookfield Asset Management, which is studying an offer of 10.5 euros per share, although it recommends that the company’s shareholders not support this price, which means valuing it at 6,450 million, considering it low.
«A potential offer at this valuation level would significantly undervalue the company’s fundamental prospects and its long term potential», the company stated in a statement sent to the National Securities Market Commission (CNMV).
Therefore, the Transactions Committee “I would not be in a position to recommend to the board of directors that it support a takeover bid for the company at this valuation, nor to recommend to the company’s shareholders the acceptance of a potential offer at the indicated price.”
«The Transactions Committee communicated this fact to Brookfield and has requested the convening of the extraordinary meeting of the aforementioned council,” he explained.
In this way, the company’s management body has spoken out after receiving confirmation from the fund that it is considering a price of 10.5 euros for each of its class ‘A’ shares in the public acquisition offer (OPA) which it plans to launch together with the founding family on the Catalan company, which represents a premium of 22% over the securities listed on the Ibex 35 of the Spanish firm as of July 4, 2024.
For its part, Grifols has indicated that, after this afternoon’s meeting, it will issue an opinion on the communication of Brookfield, while clarifying that “those directors who are in a conflict of interest will not participate in the formulation of said opinion,” reports Ep.
The Spanish firm has also reported that the Transaction Committee of Grifols’ board of directors has “duly” considered Brookfield’s non-binding indicative valuation of €6.45 billion for the entire social capital in circulation of the company – the sum of class ‘A’ and ‘B’ shares -, which implies an indicative price of 10.50 euros per share for the shares exchanged on the Ibex 35.
Grifols shares plummeted by up to 11% this Tuesday on the stock market around 1:30 p.m., after the board of directors rejected the initial price of 10.5 euros proposed by the Canadian fund Brookfield.
#Grifols #reject #Brookfields #billion #offer #considers
