Nordic Capital and Permira's bid to acquire Bavarian Nordic fails

Written by Emily J. Thompson, Senior Investment Analyst

Source: Reuters

Updated: Nov 06 2025

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Source: Reuters

Innosera's Bid Withdrawal: Innosera, a consortium led by Nordic Capital and Permira, has withdrawn its takeover bid for Bavarian Nordic after failing to secure the necessary 66.67% shareholder approval, receiving only 60%.
Shareholder Reactions: The largest shareholder, Danish pension fund ATP, publicly rejected the offer, leading to multiple amendments to the acceptance threshold and an increase in the offer price to 250 Danish crowns per share.
Bavarian Nordic's Future: Following the withdrawal, Bavarian Nordic will remain an independent company and continue its current growth strategy, as stated by the company's chair, Luc Debruyne.
Market Impact: Bavarian Nordic's shares experienced a significant drop of around 20% after the announcement of the bid withdrawal.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.