SUBSCRIBE

Breaking News on Supplements, Health & Nutrition - Europe US edition | APAC edition

News > Suppliers

Read more breaking news

 

 

Is Reckitt trumping Bayer for Schiff?

20-Nov-2012
Last updated on 22-Nov-2012 at 09:21 GMT2012-11-22T09:21:21Z

Is Reckitt trumping Bayer for Schiff?

A $1.4 billion counterbid by Reckitt Benckiser Group Plc may be winning the race for Schiff Nutrition International Inc., with reports indicating that German pharmaceutical giant Bayer will not raise its offer and is walking away from the deal.

Bayer announced a $1.2 billion (€920m) acquisition of Salt Lake City-based Schiff on Oct 30.  It was by far the biggest deal of 2012 in the dietary supplements space, and the biggest deal since DSM acquired Martek Biosciences for $1.1 billion in a deal that was completed in early 2011.  The Carlyle Group’s $3.8 billion acquisition of NBTY in 2010 tops that list.

According to Bloomberg, an unsolicited tender offer for Schiff was made by Reckitt on November 16.

Utah-based Schiff does 90% of its business in the US and has brands like the krill omega-3 offering, MegaRed; the glucosamine joint health product Move Free; and immunity supplement, Airborne, which it acquired in March this year.

75-year-old Schiff registered sales of $259m (€200m) for its fiscal year ended May 31, 2012 and forecast 43-46% growth for the 2013 fiscal period.

According to Reckitt, its offer is for $42.00 per share in cash, or approximately $1.4 billion.

"Reckitt Benckiser’s offer will be subject to Schiff and its controlling stockholders terminating their merger and related agreements with Bayer HealthCare LLC, and entering into definitive agreements with Reckitt Benckiser, and to other customary conditions, including the tender of a majority in voting power of Schiff shares of common stock, all of which will be set forth in the offering documents to be filed," said Reckitt.

More to follow...

Live Supplier Webinars

Polyphenols tipped to become the way to innovate in Sports Nutrition
Fytexia
Alpha & Omega in Sports Nutrition – Using Omega 3’s and A-GPC to improve performance and recovery.
KD Pharma
Orally bioavailable standardized botanical derivatives in sport nutrition: special focus on recovery in post-intense physical activities
Indena
Collagen in motion: move freely and keep your injuries in check
Leading manufacturer of gelatine and collagen peptides
Life’s too short for slow proteins. Whey proteins hydrolysates: Fast delivery for enhanced performance
Arla Foods Ingredients
What it Takes to Compete and Win in Today’s Sports Nutrition Market
Capsugel
Sports Nutrition Snapshot: Key regional drivers and delivery format innovations
William Reed Business Media
Gutsy performance: How can microbiome modulation help athletes and weekend warriors
William Reed Business Media
Pushing the boundaries: Where’s the line between ‘cutting edge nutrition’ and doping
William Reed Business Media

On demand Supplier Webinars

High-amylose maize starch may reduce the risk of type 2 diabetes: what does this qualified health claim mean?
Ingredion
Balancing Innovation and Risk in Sports Nutrition Ingredients
NSF-International
Explaining bio-hacking: is there a marketing opportunity for food companies?
William Reed Business Media
Personalized Nutrition – how an industry can take part in shaping the future of Nutrition
BASF Nutrition & Health
Find out Nutritional and ingredient lifecycle solutions and strategies!
Roquette
Is the time rIpe for I-nutrition?
William Reed Business Media
The Advantage of Outsourcing Fermentation-based Manufacturing Processes
Evonik Health Care
All supplier webinars