For Spain’s billionaire Grifols family, which turned a blood-collection business into one of the world’s largest medical fortunes, Brookfield Asset Management’s plan to take its troubled eponymous company private had been a way to turn it around — far from the glare of markets.

Brookfield Asset Management Ltd. is preparing to walk away from a plan to acquire Grifols SA over disagreements on valuation. The Spanish company’s billionaire founding family said it won’t support any new bid to take its namesake drug-maker private.

Canadian investment fund Brookfield said Wednesday it has dropped its bid for Spanish pharmaceutical firm Grifols following disagreement over its valuation.