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Brookfield's Grifols Takeover Bid

Brookfield is negotiating a major loan to fund a takeover bid for Grifols, facing challenges in valuation, debt refinancing, and shareholder resistance.

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HealthInvestmentFinanceDebtAcquisitionsMergers

BrookfieldGrifolsGotham CityBank Of AmericaBarclays

What is Brookfield's plan regarding Grifols?: Brookfield is negotiating a large loan with banks to finance a takeover bid for Grifols, a Catalan biopharmaceutical company.
How will Brookfield finance the acquisition of Grifols?: The deal involves refinancing a significant portion of Grifols' debt, which includes clauses requiring renegotiation in case of a change of control. Brookfield is working with several banks, including Bank of America, Barclays, Banco Santander, Deutsche Bank and DNB, to secure the necessary funding.
What is the involvement of the Grifols family in this deal?: Brookfield has reached an agreement with the Grifols family, which holds 30% of the company, to maintain their stake in the company even after the acquisition. They are also seeking additional minority investors, such as sovereign wealth funds, to participate in the deal.
What are the main challenges in valuing Grifols for this transaction?: The valuation of Grifols is a key challenge; its market capitalization is around €6.5 billion, but its value has fluctuated due to previous controversies and debt levels. Brookfield aims to offer a different price for each share class (A and B) with the same premium, leading to some shareholder resistance.
What are the potential legal challenges or resistance to this acquisition?: The transaction faces potential legal challenges from shareholders of Grifols B shares who are unhappy about a proposed change to eliminate their rescue rights as a condition of the takeover bid. Several funds are planning legal action or shareholder activism.

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