07:49 AM EST, 11/27/2024 (MT Newswires) -- Brookfield Asset Management Ltd. ( BAM ) is preparing to walk away from a plan to acquire Grifols SA over disagreements on valuation. The Spanish company's billionaire founding family said it won't support any new bid to take its namesake drug-maker private, Bloomberg reported earlier Wednesday.

New York-based Brookfield decided to end months of negotiations, which were disclosed publicly in July, after failing to reach an agreement with the board of Grifols on the price, according to people familiar with the matter. The money manager had lined up financing for the deal and prepared a turnaround plan for the business, according to the people, who cannot be named as the matter isn't public.

Grifols shares fell more than 13% in Madrid after the news was published by Bloomberg, the biggest intra-day decline since Feb. 29. Its bonds due in October 2028 recorded the steepest daily drop since January in early morning trading to around 89 cents.

Bloomberg noted Brookfield was looking to take the company private in partnership with the Grifols family, which owns about a third of the maker of medicine derived from blood-plasma. The decision to drop the bid comes just days after the Grifols board rejected an indicative price offer from the asset manager that valued the company at 6.45 billion euros ($6.8 billion).

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