Bayer to Acquire Schiff Nutrition $1.2B
Bayer HealthCare LLC (OTC: BAYRY) has signed a merger agreement to acquire Schiff Nutrition International (NYSE: SHF), a leading company offering vitamins and nutritional supplements in the United States and other countries. Schiff's product portfolio includes core brands MegaRed®, Move Free® and Airborne®, among others. The transaction values Schiff at approx. US$1.2 billion (approx. €920 million) representing US$34 per share in cash. Closing is subject to customary closing conditions and is expected by year end 2012.
"Bayer is committed to augment its organic growth with strategic bolt-on acquisitions. This transaction represents an excellent strategic fit for our HealthCare business," said Dr. Marijn Dekkers, CEO of Bayer AG. "The Schiff business significantly enhances our presence and position in the United States, which accounts for more over-the-counter and nutritional products sales than any other country in the world."
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.