09:13 AM EST, 11/27/2024 (MT Newswires) -- (Updates with Brookfield statement in the second paragraph.)

Grifols ( GRFS ) has decided not to welcome a new takeover bid by a third-party as Brookfield Asset Management ( BAM ) intends to walk away from its plan to acquire the company, Bloomberg reported Wednesday, citing the Grifols ( GRFS ) family.

In a statement sent to MT Newswires, Brookfield confirmed "it is not in a position to continue with a potential offer for Grifols ( GRFS )."

Brookfield decided to stop months of talks after failing to reach a deal with the board of Grifols ( GRFS ) on valuation, the report added, citing unnamed people familiar with the plan.

Brookfield had arranged financing for the deal and prepared a turnaround plan for the business, the report said, citing the people.

"The family will not back another take private transaction," the news outlet quoted a Grifols' ( GRFS ) family spokesperson as saying by phone. "We are very pleased with all the letters we've received from existing shareholders telling us the company is worth more and we will continue working so that the company's value increases even more."

Grifols ( GRFS ) didn't immediately respond to MT Newswires' request for comment.

GRFS shares were down more than 13% in recent Wednesday premarket activity.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)