A private equity consortium led by Nordic Capital and Permira has lowered the minimum shareholder acceptance threshold for its takeover offer for Danish vaccine maker Bavarian Nordic, as it struggles to win enough support for the deal.
The offeror, Innosera ApS, said Tuesday it has reduced the required acceptance level to 66 2/3% of Bavarian Nordic's share capital and voting rights, down from a previous condition of 75%.
The move comes after the consortium raised its bid to 250 Danish Krone per share on Oct. 15, calling it a "best and final offer," and extended the acceptance period to Nov. 5.
The offeror also extended the deadline on the final day of the offer period to 11:59 p.m. CET from 5:00 p.m. CET.
As of Tuesday, the buyers had secured acceptances and binding undertakings representing approximately 36.1% of the company's shares, according to the filing.
This figure includes new undertakings from institutional shareholders and other investors, together representing about 10.6% of Bavarian Nordic's share capital.
The consortium received all necessary regulatory approvals for the acquisition earlier in October, leaving shareholder acceptance as the final condition for the deal to proceed.
All other terms of the offer remain unchanged, the company said.
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