Deals
Reckitt Benckiser Agrees to Acquire Schiff as Bayer Walks Away
This article is for subscribers only.
Reckitt Benckiser Group Plc agreed to acquire Schiff Nutrition International Inc. in a transaction valuing the dietary supplements maker at about $1.4 billion, topping an earlier bid from Bayer AG.
Schiff’s board approved the offer of $42 a share in cash and will recommend its investors tender their shares, the Slough, England-based company said in a statement yesterday. When the offer was announced on Nov. 15, it valued Schiff at about 28 times earnings before interest, taxes, depreciation and amortization and represented an 81 percent premium to Schiff’s share price on Oct. 26, before Bayer’s offer.