Brookfield Asset Management is considering a €6.45 billion ($6.9 billion) bid for Grifols SA, with the drug maker’s board set to meet Tuesday to discuss the potential offer. Grifols’s shares fell.

Grifols said on Tuesday that Canadian investment fund Brookfield's potential 6.45 billion euro ($6.8 billion) offer significantly undervalued the Spanish drugmaker's prospects and long-term potential,

ADRs fell ~6% on Tuesday after its board of directors declined to recommend Brookfield Asset Management's (NYSE:BAM) preliminary offer, which valued the Spanish company at €6.45B ($6.8B). Earlier in the day,

Grifols SA’s board of directors said it won’t recommend that shareholders accept Brookfield Asset Management’s indicative offer, which values the Spanish drugmaker at €6.45 billion ($6.8 billion).Most Read from BloombergParis to Replace Parking Spaces With TreesNew York’s Transit Agency Approves $9 Congestion TollIn Cleveland,

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.