Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Reckitt agrees to buy Schiff Nutrition for $1.4 bln  Join our daily free Newsletter

MENAFN - AFP - 22/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - AFP) Reckitt Benckiser, the household products and drugs group, said it had agreed to buy US-based Schiff Nutrition for 1.4 billion (1.1 billion euros) after German group Bayer pulled out of bidding.

"Reckitt Benckiser Group today announces it has signed a definitive merger agreement with Schiff Nutrition International, Inc. -- a leading provider of branded vitamins, nutrition supplements and nutrition bars in the United States and elsewhere," said a statement.

"The Board of Directors 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 42.00 per share, valuing Schiff at 1.4 billion."

German chemicals and pharmaceuticals giant Bayer on Tuesday withdrew from the battle to buy Schiff Nutrition after deciding against increasing its offer worth 1.2 billion.

Schiff Nutrition, based in Salt Lake City, Utah, has a workforce of some 400 and generated sales of 259 million in its business year ending on May 31.

It is a leading maker of vitamins and nutritional supplements and its brands include MegaRed, Move Free and Airborne.

Products made by Anglo-Dutch group Reckitt include Dettol surface cleaners, Durex condoms and Nurofen pain relief pills.

"We are very pleased to have reached a mutually beneficial agreement with Schiff and are excited to enter the 30-billion global vitamins, minerals and supplements market with such a strong portfolio of high quality branded business in the USA," Reckitt chief executive Rakesh Kapoor said in the statement.

"Schiff's portfolio is an excellent fit with our strategic focus on health and hygiene, where in health care in the USA we already have Mucinex, Delsym, Cepacol and Durex as major brands."


 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help