Reckitt to buy Schiff for $1.4 billion; Bayer gets $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 make a higher bid. 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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