Brookfield Asset Management Ltd. is preparing to walk away from a plan to acquire Grifols SA over disagreements on valuation for the Spanish drug maker, according to people familiar with the matter.

Brookfield decided to end months of negotiations, which were disclosed publicly in July, after failing to reach an agreement with the board of Grifols on the price, according to the people, who cannot be named as the matter isn’t public. Brookfield had lined up financing for the deal and prepared a turnaround plan for the business, according to the people.

Brookfield was looking to take Grifols private in partnership with Grifols family, which owns about a third of the namesake maker of medicine derived from blood-plasma. The decision by Brookfield comes days after the Grifols board rejected an indicative price offer from the asset manager that valued the company at €6.45 billion ($6.8 billion).

Last week, Brookfield had said it was still assessing a possible deal and that it was awaiting certain information.

Grifols has faced a rough year, since a short-seller issued a report in early January questioning its governance and accounting. The company has lost over a third of its market value this year, as the allegations and management mishaps eroded investor confidence.

Grifols shares fell as much as 16% in overnight trading, after the news was published by Bloomberg.

A spokesperson for Brookfield declined to comment. A representative for Grifols couldn’t immediately comment.