Bayer rules out increasing bid for Schiff Nutrition

November 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: Bayer unveils a faster-acting aspirin

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

June 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

September 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

August 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

Tech titans ramp up tools to win over children

December 10, 2017

From smartphone messaging tailored for tikes to computers for classrooms, technology titans are weaving their way into childhoods to form lifelong bonds, raising hackles of advocacy groups.

Mapping out a biorobotic future  

December 8, 2017

You might not think a research area as detailed, technically advanced and futuristic as building robots with living materials would need help getting organized, but that's precisely what Vickie Webster-Wood and a team from ...

Lyft puts driverless cars to work in Boston

December 6, 2017

Lyft on Wednesday began rolling out self-driving cars with users of the smartphone-summoned ride service in Boston in a project with technology partner nuTonomy.

Researchers 3-D print lifelike artificial organ models

December 6, 2017

A team of researchers led by the University of Minnesota has 3D printed lifelike artificial organ models that mimic the exact anatomical structure, mechanical properties, and look and feel of real organs. These patient-specific ...

0 comments

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.