Grifols ADRs Tumble After Brookfield Reportedly Backs Away from Takeover Bid

Dow Jones

2024/11/27

By Dean Seal

Grifols' American depositary receipts slumped following a report that Brookfield Asset Management plans to abandon its acquisition of the Spanish pharmaceuticals company.

The stock was down 18% at $7.14 in premarket trading. Shares had already fallen nearly 25% year-to-date when the market closed Tuesday.

Citing unnamed sources, Bloomberg reported overnight that Brookfield is preparing to drop its 6.45 billion-euro ($6.77 billion) bid to acquire Grifols after failing to reach an agreement with its board on price.

Grifols said last week that Brookfield's valuation implied a price of $10.50 euros per Class A share, which it considered too low.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

November 27, 2024 06:22 ET (11:22 GMT)

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Shares had already fallen nearly 25% year-to-date when the market closed Tuesday. \n\n\n  Citing unnamed sources, Bloomberg reported overnight that Brookfield is preparing to drop its 6.45 billion-euro ($6.77 billion) bid to acquire Grifols after failing to reach an agreement with its board on price. \n\n\n  Grifols said last week that Brookfield's valuation implied a price of $10.50 euros per Class A share, which it considered too low. \n\n\n \n\n\n  Write to Dean Seal at dean.seal@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 27, 2024 06:22 ET (11:22 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}