(Bloomberg) -- Spanish drugmaker Grifols SA, the target of a short-seller attack earlier in the year, is seeking to hire an external consultancy firm to help deal with minority investors as it faces a takeover approach.
Grifols’s board has asked several Spanish firms to draft proposals, according to people familiar with the matter, who asked not to be named discussing private matters. The firm would be responsible for outreach to shareholders and managing certain communications, the people said.
The company and investors are currently waiting for Brookfield Asset Management and the Grifols family to place a joint offer to take the drugmaker private, after talks between the parties were disclosed in July. The family and associates control about 30% of the company and the offer could give Grifols an equity value of around €8 billion ($8.9 billion), Bloomberg reported in August.
A group of smaller institutional investors, including hedge funds, are rallying to demand that the family and Brookfield offer a substantial premium in their bid. Spanish law firm Araoz & Rueda has been hired to advise investors.
A spokesperson for Grifols declined to comment.
Aside from small equity holders, the company also has a large number of bondholders.
The potential joint bid by Brookfield and the Grifols family is the latest twist in a saga that started in January, when short seller Gotham City Research accused the company of manipulating its accounts. Grifols has denied any wrongdoing.
Grifols’ stock has lost more than a third of its value since then, as investor concerns around accounting were further compounded by credit rating downgrades and poor communication regarding cash generation.
In the aftermath of the Gotham attack, Grifols removed all family members from executive positions, named a new chief executive officer and new chief financial officer.
Mark Carney, chair of Brookfield Asset Management, is also chair of Bloomberg Inc.
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