Grifols leads Ibex 35 rally in face of possible family takeover bid with Brookfield

Grifols leads Ibex 35 growth again in face of possible family takeover bid along with BrookfieldDavid Zorraquino – Europa Press – Archive

Grifols shares, which have been the focus of the bearish Gotham fund in recent months, soared in early trading on Tuesday by more than 5% on the Ibex 35 index and by almost 7% on the B shares listed on the exchange. The continuous market and have no political rights – after it was revealed this Monday that the Grifols family is in talks with Brookfield to possibly rule out a takeover of the Catalan company.

In particular, Grifols Class A shares opened the session at 10.27 euros, representing a 4.14% increase compared to yesterday’s close, while Class B shares started the session with a 4.54% increase (8,175 euros). At 10 a.m., Grifols shares slow down their growth and rise by 1.55% to 10.0150 euros, while Grifols B shares continue to rise by 5.37% to 8.24 euros.

The blood products company is thus back on the stock market after rising nearly 10% on the Ibex 35 and more than 21% on the Continuous Market on Monday when a possible takeover bid by the Grifols family was announced.

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In a statement sent to the CNMV, the Catalan company explained that its board of directors, holding an extraordinary meeting, received this Sunday from the Grifols family shareholders and Brookfield Capital Partners a request to “authorize access to certain information” of the company in order to carry out “due diligence” regarding the possible acquisition of shares in the company that produces blood products.

The board said the deal would aim to delist Grifols if the transaction were to finally go ahead.

“As of today – July 8 – the company does not know whether the said operation will be carried out and is completely unaware of the conditions under which, if applicable, it could be carried out,” Grifols told CNMV.

With this message, the Catalan company confirmed the information published this Monday by the newspaper Cinco Días, which values ​​100% of Grifols at 5.5 billion euros.

Once this possible takeover bid was confirmed, the CNMV immediately suspended the listing of Grifols on the stock market, whose shares closed last Friday at €8.99 per share after gaining more than 4% in the session.

There is no agreement

For its part, the fund informed the supervisory authority that “there is currently no agreement or decision regarding the potential transaction or its possible terms,” and warned that “There is no guarantee that Brookfield or the major shareholders will make an offer to purchase Grifols shares.”therefore, any news will be communicated to the market in accordance with the provisions of the applicable rules.

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Thus, in relation to the information that has appeared in the media, Brookfield took the opportunity to confirm that it had held “preliminary discussions” with some of the company’s key shareholders regarding a potential joint offer of Grifols shares. for its exclusion from trading on the Spanish stock exchanges and Nasdaq.

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The Canadian fund and various companies in which the said major shareholders participate (Scranton Enterprises, Deria, Ponder Trade and Ralledor Holding Spain) have signed an exclusive agreement to continue evaluating the potential transaction.