MADRID, July 8 (Reuters) - The Grifols family and
Canadian fund Brookfield have agreed to launch a joint takeover
bid for Spanish drugmaker Grifols with the intent to
delist it, the companies said in regulatory filings on Monday.
Grifols said its board held an extraordinary meeting over
the weekend to study a preliminary offer presented by Brookfield
and the founding family, which has a nearly 30% stake.
They asked the board for access to certain company
information for due diligence before potentially buying all of
Grifols' shares, it said.
Shares in Grifols were suspended from trading on the
blue-chip index by regulator CNMV shortly before the
market opened.
Traders had expected the shares to rise between 8% and
10%. CNMV said the shares would resume trading at noon local
time (1000 GMT).
The founding family's aim was to gain access to the
company's books to make a final offer in the coming weeks,
business newspaper Cinco Dias reported on Sunday, adding that
Lazard ( LAZ ) was the sole financial advisor to both parties.
The deal could be worth around 5.5 billion euros ($5.96
billion), according to the report.
Brookfield said on Monday it had held exploratory talks
over a joint offer to delist Grifols from the Spanish stock
exchanges and the Nasdaq.
"There is no agreement or decision regarding a potential
transaction or the related terms and conditions," Brookfield
said, adding there was no guarantee that there would be a final
offer.
Grifols also said it did not know if a transaction will take
place and the terms in which it could be carried out.
Its main shareholders - after the descendants of three
brothers who took the company from a small family-owned lab 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. Its market value has shed
several billion euros since then.
Following the 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 = 0.9229 euros)
(Reporting by David Latona; Additional reporting by Marta
Serafinko; Editing by Louise Heavens and Arun Koyyur)