Bavarian Bidders Cut Takeover Bar Again as Clash Deepens (1)

Nordic Capital and Permira lowered the acceptance level of their Bavarian Nordic A/S takeover bid for the second time, stepping up efforts to bypass shareholder opposition and secure the deal.

The private equity pair said they will complete the acquisition if they succeed in buying at a minimum two-thirds of shares in the Danish vaccine maker, down from a previous threshold of 75%. It’s the second time the consortium lowers the bar for the deal to go through, and comes less than a week after the bidders raised the offer price to 250 kroner ($38.86) per share after many investors ...