Reckitt Benckiser agrees to buy Schiff for $1.4 billion; Bayer receives $22 million break-up fee

Reckitt Benckiser (Slough, UK) has signed a definitive merger agreement with Schiff Nutrition International (Salt Lake City), a leading provider of branded vitamins, nutrition supplements and nutrition bars in the United States and other countries,following Bayer’s decision not to pursue the deal. The board of Schiff has approved the transaction and will recommend that its stockholders tender their shares into Reckitt Benckiser’s previously announced cash tender offer of $42/share, valuing Schiff at $1.4 billion. Reckitt Benckiser will finance the...

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