ATP says has no interest in accepting Bavarian Nordic offer

ATP says has no interest in accepting Bavarian Nordic offer

Copenhagen, Denmark - Bavarian Nordic A/S (OMX: BAVA) has received an all-cash offer from a consortium led by Nordic Capital and Permira, with the intention of acquiring all issued and outstanding shares in the company. The offer, valued at approximately DKK 19 billion, represents a premium of 21.0% compared to the closing price of DKK 192.50 on Nasdaq Copenhagen on 23 July 2025 [1].

The offer price is DKK 233 per share, which is a significant premium compared to various volume-weighted average share prices over different periods. The Board of Directors of Bavarian Nordic has unanimously decided to recommend that shareholders accept the offer, citing the attractiveness of the proposal and the potential for accelerated growth under new ownership [1].

However, the offer has not been well-received by ATP, a Danish pension fund. ATP has stated that it has no interest in accepting the offer. ATP's decision is likely influenced by the fund's long-term investment strategy and the potential implications of the acquisition on the company's future performance and shareholder value [1].

The offer, which is subject to customary conditions, is expected to be completed in Q4 2025, pending regulatory approvals. The offer will not extend to any financial instruments issued by Bavarian Nordic other than shares, and the Offeror intends to seek a delisting of Bavarian Nordic’s shares from Nasdaq Copenhagen upon completion [1].

References:
[1] https://www.morningstar.com/news/globe-newswire/1001119968/consortium-led-by-nordic-capital-and-permira-will-make-all-cash-recommended-purchase-offer-for-bavarian-nordic