Bavarian Nordic Deal in Doubt as Shareholder Rejects New Offer

Bavarian Nordic A/S’s largest shareholder refused to back a sweetened takeover offer for the Danish vaccine maker, casting fresh uncertainty over the deal.

Nordic Capital and Permira raised their offer to 250 kroner ($39) a share on Wednesday after failing to win sufficient support from investors for their earlier bid. But ATP, Denmark’s biggest pension fund and holder of more than 10% of Bavarian, said it still won’t tender its shares, a stance that may discourage others as well.

“Our position has not changed,” Claus Berner Moller, vice president of Danish equities at ATP, said in an emailed ...