Bayer rules out increasing bid for Schiff Nutrition

Nov 20, 2012

German chemicals and pharmaceuticals giant Bayer withdrew from a battle to buy US-based Schiff Nutrition International on Tuesday, ruling out an increase to its bid against a rival counter offer.

The company's board "continues to believe that the merger transaction would represent a logical and strategic addition for 's Consumer Care business", it said in a statement on the internet site of the US (SEC).

But it added that it had come to the conclusion that entering a competitive bidding process "would result in a price outside Bayer's set financial criteria".

Last week, Britain's Reckitt Benckiser made a higher offer than Bayer's bid for Schiff Nutrition, a leading maker of vitamins and .

Bayer said on October 30 that it had agreed to buy Schiff Nutrition in a deal worth $1.2 billion (920 million euros).

The British group's offer valued the company at $1.4 billion.

A spokeswoman for Bayer declined to comment further due to legal reasons.

Schiff Nutrition, based in , Utah, has a workforce of some 400 and generated sales of $259 million in its business year ended May 31.

Explore further: Tech-industry perks long associated with Bay Area being replicated across LA

add to favorites email to friend print save as pdf

Related Stories

Bayer unveils a faster-acting aspirin

May 29, 2011

Bayer AG is looking for a speedy remedy for stagnant aspirin sales. The company is introducing a reformulated aspirin today that works in half the time of its regular aspirin.

US Supreme Court allows cholesterol drug suit

Jun 16, 2011

The US Supreme Court on Thursday allowed a class-action suit by alleged victims of the anti-cholesterol drug Baycol, which was taken off the market in 2001 by German pharmaceuticals giant Bayer.

Bayer 'disappointed' after losing India patent fight

Sep 26, 2012

Pharmaceutical giant Bayer AG on Wednesday said it was "disappointed" with an Indian ruling that allows a local firm to produce a cheaper copy of its patented drug Nexavar for liver and lung cancer.

U.S. rice contaminated, government says

Aug 20, 2006

Some long-grain rice in the United States has been contaminated with a genetically engineered variety not approved for human consumption, the government says.

Recommended for you

Will Apple Pay be mobile pay's kick-start?

6 hours ago

If anyone can get us to use our smartphones as wallets, it's Apple. That's what experts think about the recent launch of Apple Pay, the first mobile wallet to work on an iPhone.

Google execs discuss regulation, innovation and bobble-heads

8 hours ago

Eric Schmidt and Jonathan Rosenberg help run Google, one of the world's best-known, most successful - and most controversial - companies. They've just published a new book, "How Google Works," a guide to managing what they ...

LinkedIn reports 3Q loss but sales climb

9 hours ago

LinkedIn Corp. posted a third-quarter loss on Thursday, but its results were better than expected as revenue grew sharply, sending shares of the online professional networking service higher in extended trading.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.