Published by Global Banking & Finance Review®
Posted on November 6, 2025
2 min readLast updated: January 21, 2026
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Nordic Capital and Permira's takeover bid for Bavarian Nordic fails due to insufficient shareholder support, keeping the company independent.
(Reuters) -Innosera, a consortium led by Nordic Capital and Permira, failed to achieve the required level of support from shareholders for its planned takeover of Bavarian Nordic and will withdraw its bid, Bavarian Nordic said on Thursday.
The consortium received acceptances from shareholders representing 60% of shares in Bavarian Nordic, falling short of the minimum acceptance threshold of 66.67% of all shares in the company.
Innosera has therefore resolved to withdraw the offer, Bavarian Nordic said in a statement.
"We acknowledge and respect the decision made by shareholders, which means that Bavarian Nordic will continue as an independent listed company with its current growth strategy," Bavarian's chair Luc Debruyne said in a statement.
The offer announced in July included a subscription price of 233 Danish crowns ($36.17) per share, or around $3 billion total, which has caused a stir among Bavarian Nordic's shareholders.
The vaccine maker's biggest shareholder, Danish pension fund ATP which holds around a 10% stake in the company, had publicly refused to accept it. Innosera later amended the minimum acceptance condition twice to 75% and then to 66.67% from the initial 90%.
After protests from shareholders, Innosera hiked the offer price in October to 250 crowns per share and extended the offer period until November 5.
The board of directors of Bavarian Nordic recommended both the original and the revised offer to the shareholders.
Bavarian Nordic's shares fell by around 20% following the publication of the statement on Thursday.
($1 = 6.4422 Danish crowns)
(Reporting by Vera Dvorakova and Izabela Niemiec in Gdansk; Editing by)
A takeover bid is an offer made by an individual or company to purchase another company, typically at a specified price per share, aiming to gain control over that company.
Shareholder support refers to the approval or backing of shareholders for corporate actions, such as mergers, acquisitions, or changes in management.
Corporate governance is the system of rules, practices, and processes by which a company is directed and controlled, focusing on the interests of stakeholders.
Equity investments involve purchasing shares of a company, giving investors ownership stakes and potential dividends, as well as exposure to the company's growth.
A merger is a business combination where two companies join to form a single entity, often to enhance operational efficiency or market share.
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