Bayer Bows Out Of Bidding War For Schiff Nutrition

Law360, New York (November 20, 2012, 9:59 PM EST) -- A Bayer AG unit on Tuesday abandoned its pursuit of Schiff Nutrition International Inc. after British consumer products mainstay Reckitt Benckiser Group PLC last week answered Bayer's $1.2 billion bid with a $1.4 billion tender offer for the Utah-based vitamin company.

In a letter filed with the U.S. Securities and Exchange Commission, Bayer HealthCare LLC said the company had decided not to increase its bid for Schiff.

"Bayer AG's board of management continues to believe that the merger transaction would represent a logical and strategic addition...
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