Reckitt Benckiser Commences $1.4B Tender Offer for Schiff
November 19, 2012
Reckitt Benckiser (LSE: RBL) has commenced an all-cash tender offer to acquire TPG Growth-backed Schiff Nutrition (NYSE: SHF) for $1.4 billion, topping a $1.2 billion definitive merger agreement the company made with Bayer in October. TPG Growth owns 25% of Schiff. Reckitt intends to pay $42 per share to acquire the U.S. vitamin and nutritional supplement maker, besting Bayer's $34 per share offer. Schiff would have to pay a $22 million breakup fee to Bayer if it went elsewhere. TPG Growth purchased 7.5 million shares in the company in 2010 for $48.8 million.