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 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,

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 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).

Grifols is anticipating a period of strong growth on the back of its recently FDA-approved intravenous immunoglobulin product Yimmugo, which it expects to become a $1 billion product within the next seven years, as well as a new bi-weekly dosing approval for Xembify and pipeline products fibrinogen and trimodulin.

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.

Canadian fund Brookfield plans to offer about 7 billion euros ($7.4 billion) for Spanish drugmaker Grifols after finishing due diligence, news website El Confidencial reported on Monday, citing sources close to the matter.