Bavarian Nordic’s shareholders and board in standoff amid takeover offer

Core Viewpoint - Bavarian Nordic's board is urging shareholders to accept a revised takeover offer from a consortium led by Nordic Capital and Permira, as the sale process has stalled [1][5]. Offer Details - The consortium has increased its offer to DKr250 ($39) per share, up from an initial bid of DKr233 that did not gain sufficient support in August 2025 [1]. - The current acceptance rate among shareholders is only 25.7%, which is below the required 75% threshold for the takeover to proceed [2]. Shareholder Dynamics - ATP, Denmark's largest pension fund, holds over 10% of Bavarian Nordic and has stated it will not tender its shares, maintaining a long-term investment perspective [3]. - Despite ATP's position, some institutional shareholders representing 5.3% of the share capital have accepted the offer, indicating some interest in the sale [4]. Board's Position - The board of directors continues to recommend the offer, citing the company's fundamental value and historical share price levels as reasons for finding the offer fair and attractive [6]. Company Performance - Bavarian Nordic reported total revenue of DKr3 billion for H1 2025, marking a 33% increase compared to the same period last year [7].