Reckitt seals deal to buy Schiff for $1.4 billion

(Reuters) – Reckitt Benckiser Group Pls has signed an agreement to acquire Schiff Nutrition International Inc for $1.4 billion, beating out Germany’s Bayer and winning its entry into a $30 billion vitamins and nutrition supplements market. Schiff’s board of directors have approved the previously announced cash tender offer of $42 per share, and recommends shareholders tender into the deal, Reckitt said in a statement on Wednesday. The agreement had been expected. On Tuesday, Bayer disclosed its decision to capitulate to its rival bidder, which topped its own offer of $1.2 billion. …