By Adria Calatayud
Grifols said it plans to outline its strategy as a standalone company after Brookfield Asset Management dropped out of talks for a 6.45 billion-euro ($6.82 billion) takeover bid.
The Spanish pharmaceutical company said late Wednesday that it would soon schedule an investor update at which it would present its strategy under new leadership and its plans to unlock growth opportunities.
Brookfield on Wednesday abandoned its pursuit of Grifols in light of the reactions of the drugmaker's board to its proposal. The asset manager aimed to take the company private with the support of the Grifols family.
Last week, a transaction committee of Grifols's board said it considered Brookfield's offer of 10.50 euros a share undervalued the company and its prospects.
Grifols said it gave Brookfield access to all requested information as part of the due-diligence process. The Grifols board's assessment was supported by the company's recent financial performance and its efforts to reduce debt, the company said.
In September, the company said Chief Executive Nacho Abia would assume all executive responsibilities, with Chairman Thomas Glanzmann moving to a nonexecutive role.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
November 28, 2024 01:47 ET (06:47 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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