The Brandeis Foundation is strengthened in the capital of Grifols with 13.47% shares of B
Grifols’ capital continues to fluctuate. As Brookfield’s takeover move nears its final stages, investment fund Brandes has informed the US SEC (equivalent to Spain’s CNMV) that it already owns 13.47% of the blood products company’s standard B shares.
Brandes had already been in the capital of Grifols since last year. As of December 2023, it owned 9.5% of the shares of Company B. But in addition, after the attack on the Gotham City stock market on January 8, it was one of the first companies to trust the pharmaceutical company and increase its participation above 10%. Now, taking into account the latest movements, it is already close to 13.5% of shares.
It should be remembered that the securities that this fund buys do not have voting rights, but not in all cases. lThe Grifols Charter establishes that both receive the same economic and political treatment in the event of a non-takeover proposal. an operation that Brookfield has been running since July, along with the founding family of the Catalan company. In other words, Brandeis gained more decision-making power in the face of the operation that was looming over the pharmaceutical company.
Most of Brandes’ stake (9.5%) was purchased at a higher price than the Class B securities currently command, which could mean the US fund is less inclined to agree to a future takeover. supply was low. But it is also true that failure to proceed with the operation could cause the stock to fall.
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Brookfield and Grifols’ novel is writing its final chapters. The private equity fund continues to review the operation and try to find the safety barriers needed for the drug company’s more than $9 billion in net debt. Certain information suggests that the Canadian enterprise has found banking support, in particular from Santander and Deutsche Bank, according to Confidentiallyto refinance the next payments that the pharmaceutical company must face. This publication could not confirm these statements to either Grifols or Brookfield, as they refused to provide any assessment.
The private equity fund, in addition to covering debt, will now have to study the offer it wants to issue for 65% of the shares it intends to receive. Amounts of between fourteen and fifteen euros per share are being processed, but there are also market sources who believe that this amount will not be enough and are betting that the operation will fall through in the coming weeks.
At the moment, Grifols’ capitalization is 7.201 million euros, its share is 11.30 euros. These figures suggest that Brookfield’s payout, excluding bonuses, will amount to almost €4.560 million. If it were for a share of 14 euros, the offer would be 5.802 million.
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