Reckitt Stages Bid War With $1.4B Schiff Buyout Offer

Law360, New York (November 16, 2012, 12:09 PM EST) -- British consumer products mainstay Reckitt Benckiser Group PLC launched a $1.4 billion tender offer Friday for Schiff Nutrition International Inc., besting an earlier bid for the vitamin company made by a unit of health care giant Bayer AG.

Under the offer's terms, Schiff investors would receive $42 in cash for each of their shares, a 23.5 percent premium over the $34 offer that Bayer HealthCare LLC lodged late last month. Reckitt Benckiser said it expected to close the deal by the end of the year, provided...
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