U.K. consumer products company the Reckitt Benckiser Group jumped into the bidding war for Schiff Nutrition International Friday by making a $1.4 billion offer for the Salt Lake City–based vitamin and nutritional supplement maker.
Reckitt’s offer trumps the $1.2 billion deal Schiff struck with German pharmaceutical giant Bayer AG in late October. Reckitt announced its intentions toward Schiff Thursday before submitting a $42-per-Schiff-share tender bid Friday. Reckin said the cash proposal will expire December 14 at 9 a.m. EST. The Bayer offer Schiff agreed to last month values Schiff at $34 per share.
