Reckitt Benckiser To Commence All-Cash Tender Offer To Acquire Schiff Nutrition For $42 Per Share

Reckitt Benckiser To Commence All-Cash Tender Offer To Acquire Schiff Nutrition For $42 Per Share PR Newswire SLOUGH, England, Nov. 15, 2012 -- Acquisition to Provide Reckitt Benckiser a Significant Opportunity to Enter Large and Growing Vitamins, Minerals and Supplements Market -- Cash Offer Represents 23.5% Percent Premium to Announced Bayer Group Transaction And Tender Offer Can Close by Year-End SLOUGH, England, Nov. 15, 2012 /PRNewswire/ -- Reckitt Benckiser Group PLC ("Reckitt Benckiser") (LSE: RBL) today announced that it will commence a tender offer tomorrow, November 16, 2012 to acquire all of the outstanding shares of Schiff Nutrition International, Inc. ("Schiff") (NYSE: SHF), a leading provider of branded vitamins, nutrition supplements and nutrition bars in the United States and elsewhere, for $42.00 per share in cash valuing Schiff at approximately $1.4 billion. Reckitt Benckiser's offer is not dependent on financing as the purchase will be funded from existing facilities. Reckitt Benckiser's offer represents a premium of 23.5 percent over the $34.00 per share transaction announced on October 30, 2012 by Bayer HealthCare LLC ("Bayer") and Schiff. Reckitt Benckiser is confident that it can close the tender offer before the end of calendar year 2012, provided it is permitted in short order to complete limited confirmatory due diligence.