Bavarian Nordic Takeover Standoff Turns Into Struggle for Power

On Danish investment forums, retail shareholders in Bavarian Nordic A/S have for weeks traded messages like battlefield dispatches.

Faced with a takeover bid from Nordic Capital and Permira, many of those investors in the vaccine maker are holding their ground in what’s become a slow-burn drama and one of Denmark’s most closely watched corporate standoffs.

“Stay strong,” one urges. “Don’t budge!” replies another.

Bavarian Nordic A/S Jynneos monkeypox vaccine.

Photographer: Kobi Wolf/Bloomberg

It’s a sign of how the private equity bidders misjudged the company’s owners. In the saga that started in late July, Nordic Capital and Permira have already had to raise their offer and twice lower the ...