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Day: 09 | Time: 18:12:23 Spanish pharmaceutical company Grifols is currently in negotiations to be acquired by Brookfield and family shareholders, who are looking to take the company private. Brookfield has confirmed that it has had exploratory discussions with Grifols' shareholder representatives, but no agreement has been reached at this time. If the deal goes through, Grifols would be delisted and its shares would no longer be available on the Spanish stock exchanges and NASDAQ. Grifols' shares have increased by 19% and 0.8% in the days following the announcement of the negotiations.


Key Takeaways

  • Brookfield and family member shareholders of Grifols are in talks to take the Spanish pharmaceutical firm private.
  • The potential buyers asked the board for information so they could do due diligence.
  • Both sides say no agreement has been reached.

American depositary receipts (ADRs) of Grifols (GRFS) gained for a second day Tuesday on word Canadian investment manager Brookfield and family member shareholders are in talks to take the Spanish pharmaceutical company private.

Brookfield confirmed Monday that it “held exploratory discussions with certain reference shareholders of the Company in relation to a potential joint offer for Grifols’ shares to delist them from the Spanish stock exchanges and NASDAQ.” Brookfield added that it, along with other shareholders, have “requested the Company’s Board of directors access to certain information in order to carry out a customary due diligence exercise.”

Brookfield noted that at this time, no deal has been reached, and there’s no guarantee that it and the other shareholders will make an offer.

If Deal Transpires, Grifols Would Be Delisted

In a regulatory filing Monday, Grifols explained that its board received a request from the Grifols family members who are shareholders and Brookfield for that information “with respect to a possible acquisition of shares of Grifols,” which if it goes through would involve a delisting of the company. Grifols also pointed out that it’s unclear if such a transaction will take place or the terms of any potential acquisition.

Grifols ADRs, which jumped more than 19% yesterday, added a further 0.8% to $8.48 as of 11:18 a.m. ET Tuesday. Despite the two-day advance, they remain down more than 26% year-to-date.

Source: Yahoo, Bloomberg , Reuters, Trading Economics,