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Canadian fund Brookfield BAM-T said on Wednesday it has dropped its plan to take over Spain’s Grifols due to a disagreement over the pharmaceutical company’s value. Brookfield had filed a non-binding offer on Nov. 19 for Grifols that valued the developer of human plasma-based drugs at €6.
45-billion ($6.79-billion). Grifols shares were down 6.
9 per cent at 1405 GMT after falling more than 12 per cent in earlier trading after Bloomberg first reported Brookfield’s decision, while the blue-chip IBEX 35 index was down 0.7 per cent. “This morning Brookfield informed the Grifols Transaction Committee that in the current circumstances it is not in a position to continue with a potential offer for Grifols,” the Canadian company said in statement.
Brookfield had said in September it was interested in launching a takeover bid jointly with the Grifols family, pending successful completion of due diligence. A spokesman for Grifols’ founding family confirmed Brookfield’s exit. “Brookfield is withdrawing its offer due to a discrepancy over the price.
The company has a much higher value (than what Brookfield offered),” the spokesperson said, adding: “We continue as we were.” It was unclear whether the family and Brookfield might resume talks later on. Company spokespeople for Grifols did not respond to requests for comment.
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