Bavarian Nordic to go private
Danish vaccine maker Bavarian Nordic (OMX: BAVA) today revealed that it has entered into an agreement to be acquired by a newly formed company controlled by Nordic Capital Fund XI and funds managed and advised by Permira Beteiligungsberatung GmbH, pursuant to which the offeror will make an all-cash recommended voluntary public takeover offer to acquire all issued and outstanding shares (excluding treasury shares) in Bavarian Nordic.
The deal is valued at 19 billion Danish kroner ($3 billion). The offer from Nordic Capital and Permira is priced at DKK 233 kroner per share in cash, representing a 21% premium over Bavarian's closing stock price on July 23, the day rumors of a potential takeover were confirmed. Bavarian Nordic’s US traded shares edged up 2.2% to $238.20 on the news.
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