Grifols shares opened this Thursday’s session with new falls on the stock market after Brookfield’s decision not to go ahead with a takeover bid for the pharmaceutical company in the company of members of the founding family. At the time of trading, the securities fell close to 4.6%, to a minimum price of 9.20 euros, placing the group’s market capitalization below 5.9 billion euros, a figure lower than the Canadian fund’s offer. which, as a whole, was around 6,450 million.
On Wednesday, the shares fell more than 9% with drops, at times, greater than 12%, reaching a price of 9.18 euros. Since January, and hit by the storm unleashed by the accusations of smearing accounts by the bearish firm Gotham City Research, the shares have fallen by around 40%.
The shock caused by Brookfield’s withdrawal has surprised creditors and opportunistic funds that had taken positions in the pharmaceutical company in the face of a possible takeover bid. The latter had taken, together, positions close to 6% of the capital.
Plus, the ghost of Gotham has reappeared again. The bearish manager published a message this morning on the social network Gotham cites a Bloomberg story indicating that four months after beginning negotiations, Brookfield was still awaiting information regarding related party transactions. In the relevant fact sent to the CNMV on November 19, the Canadian fund indicates that in the letters sent on November 11 and 12 to the Transaction Committee created by Grifols, it had requested “access to certain information to finalize its exercise of due diligence”.
Similarly, Gotham recalls that Moody’s withdrew its ratings on Grifols last July because it lacked the necessary information or did not have adequate information.
Brookfield, which began the process of due diligenceinformed the CNMV yesterday that it had informed the Transaction Committee created by Grifols that under the current circumstances it is not in a position to continue with a potential offer for the company.
Subsequently, the pharmaceutical company stated that its board of directors and its Grifols management team remain fully committed to the execution of the strategic plan. “In line with this commitment, Grifols will soon announce a Capital Markets Day, where it will present its strategic vision and key initiatives designed to achieve growth opportunities and thus maintain sustained performance,” the company said.
Grifols’ board of directors defended the evolution of the company’s results in the first nine months of the year, and continued to reduce its debt.
