By Dean Seal
Grifols' American depositary receipts slumped following a report that Brookfield Asset Management plans to abandon its acquisition of the Spanish pharmaceuticals company.
The stock was down 18% at $7.14 in premarket trading. Shares had already fallen nearly 25% year-to-date when the market closed Tuesday.
Citing unnamed sources, Bloomberg reported overnight that Brookfield is preparing to drop its 6.45 billion-euro ($6.77 billion) bid to acquire Grifols after failing to reach an agreement with its board on price.
Grifols said last week that Brookfield's valuation implied a price of $10.50 euros per Class A share, which it considered too low.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 27, 2024 06:22 ET (11:22 GMT)
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