LONDON--Reckitt Benckiser Group PLC (RB.LN), a manufacturer of
consumer goods, said Thursday that it has signed a definitive
merger agreement with Schiff Nutrition International, Inc. (SHF),
adding that it has launched a $1.4 billion Tender Offer For
Schiff.
MAIN FACTS:
-Schiff has approved the transaction and will recommend that its
stockholders tender their shares into Reckitt Benckiser's
previously announced cash tender offer of $42.00 per share, valuing
Schiff at $1.4 billion.
-Reckitt Benckiser's tender offer will expire at 0459 GMT, on
Dec. 15, unless extended in accordance with the merger agreement
and the applicable rules and regulations of the SEC.
-Reckitt Benckiser will finance the transaction with cash and
existing credit facilities. The transaction is expected to be
immediately accretive to earnings on an adjusted basis.
-Reckitt shares closed Wednesday at GBP38.45 valuing the company
at GBP27.65 billion.
-Write to Razak Musah Baba at razak.baba@dowjones.com