Reckitt Benckiser acquire Schiff, Bayer rules out bidding

Reckitt Benckiser to acquire Schiff, Bayer rules out bidding

4:23 AM, 22nd November 2012
Reckitt Benckiser to acquire Schiff, Bayer rules out bidding
Rakesh Kapoor, Chief Executive, Reckitt Benckiser.

UTAH, US: Reckitt Benckiser Group PLC signed a roughly $1.4 billion deal to acquire Schiff Nutrition International Inc, a move that comes a day after Bayer AG ruled out a higher bid for the maker of supplements and vitamins. The UK consumer-goods company last week offered $42 a share, topping the offer that German chemicals and drugs maker Bayer made in late October of $34 a share. The company expects the deal to close by year’s end and immediately add to per-share adjusted earnings.

“Schiff’s portfolio is an excellent fit with our strategic focus on health and hygiene, where in health care in the US we already have Mucinex, Delsym, Cepacol and Durex as major brands,” said Rakesh Kapoor, Chief Executive, Reckitt Benckiser.

© Dow Jones News

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