A takeover offer for Danish vaccine maker Bavarian Nordic from a private equity consortium led by Nordic Capital and Permira has been withdrawn after failing to gain sufficient shareholder support.
The offeror, Innosera ApS, said Thursday that based on a preliminary count, 60% of shareholders had accepted the offer by the Nov. 5 deadline, falling short of the minimum acceptance condition of 66 2/3% of the company's shares.
As a result, the offer has irrevocably lapsed and will not be completed, the company said.
The failure marks the end of a months-long effort by the consortium, which had previously raised its offer and lowered the acceptance threshold from an initial 75% to try and win over investors.
"60% have accepted the takeover offer from Nordic Capital and Permira. However, this does not meet the acceptance rate threshold of 66.7% and thus the bid will not go through," said Luc Debruyne, Chair of Bavarian Nordic's Board of Directors.
"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," Debruyne added.
The company said it will hold a shareholder meeting in early December to discuss its business and strategy.
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Bavarian Nordic's Chair of the Board, Luc Debruyne, has resigned with immediate effect, the Danish vaccine maker said, days after a takeover bid from a private equity consortium collapsed.
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