Published by Global Banking & Finance Review®
Posted on November 13, 2025
2 min readLast updated: January 21, 2026
Add as preferred source on GoogleBavarian Nordic's chair Luc Debruyne resigns after a failed takeover by Nordic Capital and Permira, affecting shareholder confidence.
(Reuters) -Danish vaccine maker Bavarian Nordic said on Thursday Luc Debruyne will step down as chair, days after a takeover attempt by Nordic Capital and Permira collapsed.
Debruyne will be succeeded by current vice chair Anne Louise Eberhard effective immediately, the company said in a statement.
"After careful reflection on both the process and the outcome of the recent takeover attempt, I have decided to step down to enable the board of Bavarian Nordic to focus on the company’s next phase of development," Debruyne said.
Last week, Innosera, a consortium led by Nordic Capital and Permira, withdrew its bid for the company after failing to meet the required level of support from shareholders.
The offer, announced in July, included a subscription price of 233 Danish crowns ($36.17) per share, valuing the company at around $3 billion and drawing criticism from Bavarian Nordic's shareholders. Top shareholder Danish pension fund ATP publicly rejected it.
Innosera later revised the minimum acceptance condition twice, to 75% and then to 66.67% from the initial 90%.
After protests from shareholders, it also hiked the offer price in October to 250 crowns per share and extended the offer period until November 5.
Bavarian Nordic's board recommended both the original and revised offers to shareholders.
Shares of Bavarian Nordic have fallen more than 20% since the bid was withdrawn.
(Reporting by Mihika Sharma in Bengaluru; Editing by Alan Barona)
A takeover occurs when one company acquires control of another company, typically by purchasing a majority of its shares. This can lead to significant changes in management and company strategy.
A shareholder is an individual or institution that owns shares in a company. Shareholders have a claim on the company's assets and earnings and may receive dividends based on their ownership percentage.
A bid is an offer made by an investor or company to purchase a security or asset at a specified price. In takeover attempts, bids are often made to acquire control of a company.
A pension fund is a type of investment fund that collects and invests money to provide retirement income for employees. Pension funds are typically managed by financial institutions.
Corporate governance refers to the systems and processes that direct and control a company. It encompasses the relationships among stakeholders and the goals for which the corporation is governed.
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