Private equity raises Bavarian Nordic bid, faces shareholder test

A private equity consortium led by Nordic Capital and Permira has raised its takeover bid for Danish vaccine maker Bavarian Nordic to 250 Danish Krone per share from 233 Danish Krone.

The buyers also extended the offer period by three weeks to Nov. 5, according to a company announcement on Wednesday.

The move comes as the consortium struggles to win over shareholders, with only about 25.7% of the company's share capital tendered to the offer so far, well below the minimum acceptance level required for the deal to proceed.

The consortium, operating under the name Innosera ApS, called the increased price its "best and final offer" and said it would not be raised further.

All shareholders who have already accepted the offer will automatically receive the higher price, the offeror stated.

To help build support, the private equity firms said they have secured undertakings from a group of institutional investors, representing approximately 5.3% of Bavarian Nordic's shares, to accept the improved offer.

The consortium received all necessary regulatory approvals for the acquisition earlier in October, leaving shareholder acceptance as the final major hurdle.

The offer period had previously been extended in late September while the firms awaited clearance from the European Union.