Grifols (NASDAQ:GRFS) shares fell ~6% in European trading on Tuesday as Bloomberg News reported that Brookfield Asset Management (NYSE:BAM) is considering a €6.45B ($6.9B) offer for the Spanish company,

Grifols SA’s board recommended that shareholders reject Brookfield Asset Management’s indicative offer, which values the Spanish drugmaker at €6.45 billion ($6.8 billion).

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.

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,

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,

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.