Reckitt Benckiser trumps Bayer's bid for control of Schiff Nutritional

16 November 2012

In a move that looks set to thwart Germany-based Bayer’s (BAYN: DE) plans to acquire the US nutritional products firm, consumer products conglomerate Reckitt Benckiser (LSE: RBL) last night launched a counter bid to acquire Schiff Nutrition International (NYSE: SHF). Bayer, which announced its $34 per share ($1.2 billion) takeover offer last month (The Pharma Letter October 30), told TPL this morning that it could not comment on the situation at this stage.

Reckitt Benckiser said that it will commence a tender offer today, November 16, to acquire all of the outstanding shares of Schiff, a leading provider of branded vitamins, nutrition supplements and nutrition bars in the USA and elsewhere, for $42.00 per share in cash valuing Schiff at around $1.4 billion, a premium of 23.5% over Bayer’s offer.

Bidding war expected

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