Reckitt Benckiser Signs Merger Agreement To Acquire Schiff Nutrition

Reckitt Benckiser Signs Merger Agreement To Acquire Schiff Nutrition PR Newswire SLOUGH, England, Nov. 21, 2012 SLOUGH, England, Nov. 21, 2012 /PRNewswire/ -- Reckitt Benckiser Group PLC ("Reckitt Benckiser") (LSE: RBL) today announces it has signed a definitive merger agreement with Schiff Nutrition International, Inc. ("Schiff") (NYSE:SHF) a leading provider of branded vitamins, nutrition supplements and nutrition bars in the United States and elsewhere. The Board of Directors of 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 11:59 p.m. New York City time, on December 14, 2012, 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. Rakesh Kapoor, Reckitt Benckiser Chief Executive Officer, said, "We are very pleased to have reached a mutually beneficial agreement with Schiff and are excited to enter the $30 billion global vitamins, minerals and supplements market with such a strong portfolio of high quality branded business in the USA.