Bavarian Bidders Lower Takeover Threshold After Pushback (2)

Nordic Capital and Permira loosened the terms for their takeover bid for Bavarian Nordic A/S to bypass key investors opposed to the valuation of the Danish vaccine maker.

The private equity pair said they will complete a takeover if they succeed in buying minimum 75% of the shares, down from an initial threshold of “more than 90%,” according to a statement on Tuesday. They kept the offer price at 233 kroner ($36) per share, valuing the company at 19 billion kroner.

The decision comes four weeks after the initial bid, which some shareholders said undervalued Bavarian’s prospects. Denmark’s largest pension ...