Reckitt Benckiser Trumps Bayer Bid for Schiff
Reckitt Benckiser Group PLC has offered to acquire all of the outstanding shares of Schiff Nutrition International, Inc. for $42.00 per share in cash, or approximately $1.4 billion.
This move may incite a bidding war with Bayer, which offered approximately $1.2 billion, representing $34 per share in cash, in October to acquire the leading provider of branded vitamins, nutrition supplements and nutrition bars in the United States and elsewhere.
Reckitt Benckiser's tender offer will expire at 9:00 a.m., New York City time, on December 14, 2012, unless extended in accordance with the applicable rules and regulations of the SEC. Reckitt Benckiser’s offer will be subject to Schiff and its controlling stockholders terminating their merger and related agreements with Bayer HealthCare LLC, and entering into definitive agreements with Reckitt Benckiser, and to other customary conditions, including the tender of a majority in voting power of Schiff shares of common stock, all of which will be set forth in the offering documents to be filed.
Read about Bayer's offer for Schiff here.
This move may incite a bidding war with Bayer, which offered approximately $1.2 billion, representing $34 per share in cash, in October to acquire the leading provider of branded vitamins, nutrition supplements and nutrition bars in the United States and elsewhere.
Reckitt Benckiser's tender offer will expire at 9:00 a.m., New York City time, on December 14, 2012, unless extended in accordance with the applicable rules and regulations of the SEC. Reckitt Benckiser’s offer will be subject to Schiff and its controlling stockholders terminating their merger and related agreements with Bayer HealthCare LLC, and entering into definitive agreements with Reckitt Benckiser, and to other customary conditions, including the tender of a majority in voting power of Schiff shares of common stock, all of which will be set forth in the offering documents to be filed.
Read about Bayer's offer for Schiff here.