Bavarian Nordic's biggest shareholder is trying to block a 19 billion krone ($3 billion) offer from Nordic Capital and Permira to take the vaccine maker private. Why it matters: The opposition is casting doubt on the deal's prospects, which has been in the works for about a year. Friction point: Shareholder and pension fund ATP says the price does not reflect future opportunities for the company, per Bloomberg. Driving the news: Nordic Capital and Permira offered to pay 233-krone in cash per share for Denmark-based Bavarian Nordic. What they're saying: "The offer received from Nordic Capital and Permira is the result of intense negotiations aimed at securing the best possible terms for our shareholders," Bavarian Nordic chair of the board Luc Debruyne said in a release. Catch up quick: Bavarian Nordic sells travel vaccines for mpox, smallpox and other diseases.