Bavarian Nordic Shares Tick Up 2% After Board Backs Innosera Takeover Bid

Bavarian Nordic A/S (CPH: BAVA) saw its stock price climb 2% on Thursday after the company's board confirmed its endorsement of a takeover proposal from Innosera ApS. The reaffirmation followed a raised offer price and an extended window for shareholders to respond.

The offer is being put forward by Innosera, a firm backed by Nordic Capital Fund XI1 alongside funds managed and advised by Permira Beteiligungsberatung GmbH, aiming to acquire every issued and outstanding share of Bavarian Nordic-excluding treasury shares.

Luc Debruyne, chair of Bavarian Nordic's board, stated that the directors still view the offer as "fair and attractive," highlighting that the bid compares favorably to the company's intrinsic value and its trading levels before the bid became public.

Following the release of a second supplementary offer document on October 15, the board issued a statement reiterating their unanimous recommendation to shareholders to accept the takeover. This move underscores their confidence in the terms and the strategic benefits of the proposed deal.