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Investing.com -- Shares of Bavarian Nordic A/S rose 2% on Thursday following the biotechnology company’s board of directors reaffirming its recommendation that shareholders accept a voluntary takeover offer from Innosera ApS.
The board’s statement comes after an increase in the offer price and an extension of the offer period.
The offer, made by Innosera, a company controlled by Nordic Capital Fund XI1 and funds managed and advised by Permira Beteiligungsberatung GmbH, seeks to acquire all issued and outstanding shares of Bavarian Nordic , excluding treasury shares.
Luc Debruyne, chair of the board, said the board continues to find the offer “fair and attractive,” citing the company’s fundamental value and share price levels prior to the public announcement of the takeover bid.
The board issued a supplementary statement following the publication of a second supplement to the offer document on October 15, confirming its unanimous decision to maintain the recommendation.