(MENAFN) UK's Reckitt Benckiser Group PLC announced that it will pay USD1.4 billion to buy US Schiff Nutrition International Inc., the vitamin and nutrition supplement maker, reported AP.
The consumer goods firm added that the acquisition will boost its healthcare business in the US.
The company's bid of USD42 per share exceeded a previous one by Germany's drugmaker Bayer AG, which was at USD34 a share.
However, the German firm stated later that it did not want to engage in a bidding war for Schiff.
The board of the Salt Lake City-based company has endorsed the deal, and urged stockholders to tender their shares, as the offer ends on December 14.
It is worth noting that Reckitt sells brands including Muxinex, Delsym and Durex in the US, where Schiff produces Tiger's Milk nutrition bars and Airborne immune system health supplements.
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