Consortium consisting of Nordic Capital and Permira lowers the minimum acceptance condition to 66 2/3% in respect of the takeover offer to the shareholders of Bavarian Nordic

Core Viewpoint - Innosera ApS has published a third supplement to its offer document, lowering the minimum acceptance condition for its takeover bid of Bavarian Nordic A/S from 75% to 66 2/3% of the voting rights and share capital [2][4]. Offer Details - The offer period has been extended, with the expiry time changed from 5:00 p.m. (CET) to 11:59 p.m. (CET) on November 5, 2025 [3]. - All other terms and conditions of the offer remain unchanged as per the previous supplements [4]. Shareholder Response - Institutional shareholders representing approximately 5.3% of Bavarian Nordic's share capital have committed to accept the improved offer during the extended period [5]. - As of October 21, 2025, the Offeror has received acceptances and binding commitments indicating a preliminary acceptance level of approximately 36.1% [5]. Regulatory Approval - The third supplement has been approved by the Danish Financial Supervisory Authority [6].