Bavarian Nordic's board of directors on Thursday reiterated its recommendation for shareholders to accept a takeover offer from a private equity consortium led by Nordic Capital and Permira.
The endorsement follows the consortium's move on Wednesday to increase its bid to 250 Danish Krone per share from 233 Danish Krone and extend the acceptance period to Nov. 5.
The sweetened offer comes as the buyers struggle to win sufficient support, with only about 25.7% of shareholders having tendered their shares as of Tuesday, according to a company filing.
The consortium has called the new price its "best and final offer."
"Following the extension of the offer period and the increased offer price the board of directors maintains its recommendation to shareholders to accept the offer," Board Chair Luc Debruyne said in a statement.
"Based on our view of the company's fundamental value and in the light of the share price level over a longer period prior to the consortium's takeover bid being made public, we continue to find the offer fair and attractive."
The bidders said a group of institutional investors representing about 5.3% of the vaccine maker's shares have now undertaken to accept the improved offer.
The consortium has already received all necessary regulatory approvals for the acquisition, leaving shareholder acceptance as the final major condition.
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