According to Reckitt Benckiser Group PLC, the takeover will boost health care business in the U.S. where the company already sells brands viz. Durex , Delsym and Muxinex. Schiff products also include health supplements and Milk nutrition bars,
Last month, Bayer provided $34 per share an just weeks after that Reckitt Benckiser Group PLC made an offer of $42 per-share of the Salt Lake City-based Schiff Nutrition International Inc. The German drug manufacturer Bayer later confirmed that it did not want to get involved in a bidding war with Reckitt.
The deal between Reckitt and Schiff’s board has already been officially approved. Schiff’s board has now urged the shareholders to tender their stocks. The offer will expire on December 14.
After the news was made public, shares of Schiff jumped up by 4 cents and closes at $41.90. Since late October, price of shares of Schiff went up by as much as approximately 81 percent.