Germany’s Bayer acquires Schiff Nutrition International for $1.2bn
30 October 2012 06:18 [Source: ICIS news]
SINGAPORE (ICIS)--?xml:namespace>Germany’s Bayer HealthCare LLC signed a merger agreement to acquire Schiff Nutrition International for approximately $1.2bn (€924 m), representing $34 per share in cash, Bayer announced in a press release on Tuesday.
Schiff is a leading company offering vitamins and nutritional supplements in the US and other countries. Schiff’s product portfolio includes core brands MegaRed, Move Free and Airborne, among others.
“This transaction represents an excellent strategic fit for our HealthCare business,” said 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.” Dekkers added.
The completion of the deal is subject to customary closing conditions and is expected by end of 2012, the company said.
($1 = €0.77)By: Surinder Malhi+65 6780 4327
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