Grifols' Board Rejects Brookfield's Buyout Offer, Stock Down 8%

Zacks11-20 22:30

Shares of Grifols GRFS lost over 8% on Tuesday after the company’s board refused to endorse Canada-based Brookfield Asset Management’s offer to acquire its outstanding share capital for €6.45 billion ...

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These key shareholders are the members of the Grifols family as well as founders of the company.Per a Bloomberg article, the Grifols family owns about a third of the company.In the past 60 days, estimates for CytomX Therapeutics’ 2024 loss per share have narrowed from 29 cents to 13 cents. Estimates for 2025 loss per share have narrowed","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SPRO":"Spero Therapeutics Inc.","GRFS":"基立福","BK4196":"保健护理服务","BAM":"布鲁克菲尔德资产管理","CSTL":"Castle Biosciences, Inc.","CTMX":"CytomX","BK4139":"生物科技"},"translate_title":"Grifols董事会拒绝Brookfield收购要约，股价下跌8%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CSTL":1,"GRFS":1,"SPRO":1,"BAM":0.9,"CTMX":0.9},"content_text":"Shares of Grifols GRFS lost over 8% on Tuesday after the company’s board refused to endorse Canada-based Brookfield Asset Management’s offer to acquire its outstanding share capital for €6.45 billion (around $6.8 billion).\nPer a regulatory filing submitted to the SEC, Grifols stated that the valuation offered by Brookfield “significantly undervalues the company’s fundamental prospects and its long-term potential.”\nBrookfield, along with key shareholders of Grifols, had expressed its intent for a potential takeover of the company in July. These key shareholders are the members of the Grifols family as well as founders of the company.Per a Bloomberg article, the Grifols family owns about a third of the company.\nBrookfield is reportedly in discussion with banks to raise funds for the above transaction. Through these funds, it intends to refinance Grifols’ existing debt, which includes loans and high-yield bonds. This need for refinancing is due to a clause in Grifols' existing debt agreements that would allow bondholders to demand early repayment at a premium if the company is taken private.\nGRFS Stock Performance\nShares of the company plummeted as investors were not impressed with the valuation offered by Brookfield. Some investors also raised concerns that the deal was now unlikely to go through, considering the lower-than-expected valuation quoted by Brookfield.\nYear to date, shares of Grifols have lost 26.8% compared with the industry’s 6.9% decline.\nImage Source: Zacks Investment Research\nFactors Responsible for GRFS Stock’s Decline\nThis downside in the share price was due to an attack by short-seller Gotham City Research (in January), which released several reports accusing Grifols of overstating earnings and understating debt. These accusations were further exacerbated by negative news surrounding the company’s cash flows and subsequent accounting adjustments on investments in China.\nTo address the above concerns, Grifols appointed new management and even removed family members from executive roles.\nGRFS’ Zacks Rank\nGrifols currently carries a Zacks Rank #3 (Hold).\n\nGrifols, S.A. Price\n\nGrifols, S.A. price | Grifols, S.A. Quote\n\nKey Picks Among Biotech Stocks\nSome better-ranked stocks from the sector are Castle Biosciences CSTL, CytomX Therapeutics CTMX and Spero Therapeutics SPRO, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.\nIn the past 60 days, estimates for Castle Biosciences’ 2024 loss per share have narrowed from 58 cents to 8 cents. During the same timeframe, loss per share estimates for 2025 have narrowed from $2.13 to $1.88. Year to date, shares of Castle Biosciences have surged 29.3%.\nCSTL’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 172.72%.\nIn the past 60 days, estimates for CytomX Therapeutics’ 2024 loss per share have narrowed from 29 cents to 13 cents. Estimates for 2025 loss per share have narrowed from 56 cents to 46 cents. Year to date, shares of CytomX Therapeutics have lost 44.3%.\nCytomX Therapeutics’ earnings beat estimates in two of the trailing four quarters and missed the mark on the other two occasions, delivering an average surprise of 115.70%.\nIn the past 60 days, estimates for Spero Therapeutics’ 2024 loss per share have narrowed from $1.59 to $1.31. Estimates for 2025 loss per share have narrowed from $1.54 to $1.16. Year to date, shares of Spero Therapeutics have lost 22.5%.\nSpero Therapeutics’ earnings beat estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average surprise of 94.42%.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nGrifols, S.A. (GRFS) : Free Stock Analysis Report\nCytomX Therapeutics, Inc. (CTMX) : Free Stock Analysis Report\nSpero Therapeutics, Inc. (SPRO) : Free Stock Analysis Report\nCastle Biosciences, Inc. (CSTL) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485149103"}