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 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.

Mason Capital opposes Grifols sale to Brookfield Asset Management, raising concerns about the potential acquisition in the pharmaceutical industry.

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.