financetom
Business
financetom
/
Business
/
Grifols family, Brookfield eye $6 bln takeover bid for Grifols, report says
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Grifols family, Brookfield eye $6 bln takeover bid for Grifols, report says
Jul 7, 2024 11:47 PM

MADRID, July 8 (Reuters) - The Grifols family and

Canadian fund Brookfield are in talks to launch a takeover bid

for Spanish drugmaker Grifols that could be worth

around 5.5 billion euros ($5.95 billion), business newspaper

Cinco Dias reported on Sunday, citing unnamed people familiar

with the plans.

According to the report, Grifols' board held an

extraordinary meeting over the weekend to study a preliminary

offer presented by the founding family, which currently controls

about 30% of the company's shares.

The family's aim is to gain access to the company's books in

order to make a final offer in the coming weeks, the report

said, adding that Lazard ( LAZ ) was the sole financial advisor to both

parties.

Neither Grifols nor Brookfield were immediately available

for comment on Monday.

The company's main shareholders - after the descendants of

three brothers who took the company from a small family-owned

laboratory in Barcelona to a global player in the plasma

derivatives business - include the funds Capital, Blackrock ( BLK ),

Europacific and Rokos Global.

Since early January, short-seller fund Gotham City Research

has released several reports accusing Grifols of overstating

earnings and understating debt. The firm's market value has shed

several billion euros since then.

Following Gotham City's reports, Grifols announced

governance changes and revised its reported leverage higher

after market supervisor CNMV required that it change its

calculations.

Last week, Grifols appointed Rahul Srinivasan as chief

financial officer in a management reshuffle and Scranton

Enterprises, an entity tied to the Grifols family, reached an

agreement with a private investor to refinance 377 million euros

of debt in one of its units.

($1 = 0.9240 euros)

(Reporting by David Latona; Editing by)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Paramount Directors Exit As Skydance Merger Talks Continue: Report
Paramount Directors Exit As Skydance Merger Talks Continue: Report
Apr 11, 2024
Four Paramount Global ( PARAA ) directors are set to depart the company as merger talks with Skydance Media proceed. What Happened: Dawn Ostroff, a former Spotify Technology SA executive, Nicole Seligman, an attorney and former president of Sony ( SONY ) Entertainment, Frederick Terrell, a veteran investment banking executive, and Rob Klieger, Redstone's longtime attorney, are expected to step...
South Korea ordered to pay Mason Capital about $32 million over 2015 Samsung merger
South Korea ordered to pay Mason Capital about $32 million over 2015 Samsung merger
Apr 11, 2024
SEOUL (Reuters) - South Korea has been ordered to pay New York hedge fund Mason Capital Management more than $32 million, the Ministry of Justice said on Thursday, in a dispute stemming from the 2015 merger of two Samsung affiliates. Mason Capital had claimed $200 million in its case with the Netherlands-based Permanent Court of Arbitration (PCA), but its argument...
The Buckle's Same-Store, Overall Net Sales Decline in March
The Buckle's Same-Store, Overall Net Sales Decline in March
Apr 11, 2024
09:35 AM EDT, 04/11/2024 (MT Newswires) -- The Buckle (BKE) reported Thursday a 9.4% year-over-year decline in comparable store net sales at stores open at least one year during the five weeks ended April 6. Net sales for the fiscal month slipped 8% to $104.3 million from $113.4 million a year ago. The company also said Stacey Manary has been...
Exclusive-Airbus CEO says 'not unlikely' it will take some Spirit Aero plants
Exclusive-Airbus CEO says 'not unlikely' it will take some Spirit Aero plants
Apr 11, 2024
AMSTERDAM (Reuters) - The head of Airbus told Reuters it is not unlikely that the European planemaker takes control of two U.S. and UK plants run by Spirit Aerosystems ( SPR ) if Boeing ( BA ) goes ahead with plans to buy one of the industry's key suppliers. But Chief Executive Guillaume Faury said it was up to Boeing...
Copyright 2023-2026 - www.financetom.com All Rights Reserved