Two private equity firms bidding for Bavarian Nordic have increased their offer for the Danish maker of vaccines for mpox, cholera and chikungunya, after shareholders rejected their initial bid.
Permira and Nordic Capital Advisors, under the umbrella of a takeover vehicle called Innosera, said on Wednesday (15 October) they had increased their offer to DKK 250 per share from DKK 233, adding it was their best and final offer.
It comes after Danish pension fund ATP, the largest shareholder with a 10 percent stake, rejected the earlier bid, saying it undervalued the vaccine firm’s future prospects.
““As growth-focused investors with access to significant capital and sector-focused resources, Nordic Capital and Permira still firmly believe that the completion of the offer will enable Bavarian Nordic to accelerate its growth strategy,” said Christian Hedegaard, head of Denmark at Nordic Capital Advisors.
“Following today’s announcement, there will be no further improvement of the offer price or extension of the offer period.”
The suitors have extended the deadline for shareholders to accept the offer to 5 November.
Bavarian Nordic’s shares closed at DKK 230.5 on Wednesday.
