Bavarian Bidders Drop Takeover Offer After Investor Pushback (2)

Nordic Capital and Permira dropped their takeover bid for Bavarian Nordic A/S after failing to gauge the depth of investor resistance to their offer for the Danish vaccine maker.

The offer closed with 60% of shares tendered, falling short of the 66.7% threshold set last month, according to preliminary results released Thursday. As a result, the private equity pair withdrew the offer first announced in late-July.

The decision to drop the deal caps months of investor pushback. Bavarian shares fell about 22% in Copenhagen after the news, their biggest drop since July 2023.

The prolonged takeover saga led ...