Shares of Grifols, S.A. (GRFS) jumped nearly 12% on Thursday morning on reports that Canadian fund Brookfield Asset Management is in talks with banks to raise funds for its possible takeover bid for the beleaguered Spanish drugmaker.
GRFS is currenlty trading at $8.58, up $0.91 or 11.86%, on the Nasdaq. The stock opened its trading at $8.08 after closing Wednesday at $7.67. The stock has traded between $5.30 and $12.15 in the past 52-week period.
Brookfield Asset Management is asking banks to line up about €9.5 billion ($10.6 billion) of debt for its potential take-private deal for Grifols, Bloomberg reported, according to people with knowledge of the matter.
The Toronto-based investor has asked banks to put up the funds to refinance Grifols' existing debt, which includes loans and high-yield bonds, according to the people.
The proposed take-private deal would involve refinancing Grifols' existing debt, which includes both loans and high-yield bonds.
The need for this refinancing stems from a clause in Grifols' existing debt that would allow bondholders to demand early repayment at a premium if the company is taken private.
The news comes on the heels of Brookfield and the Grifols family announcing their intention to consider a bid for the company last month.
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