Reckitt Benckiser completes tender offer for Schiff Nutrition

Reckitt Benckiser has completed its tender offer to acquire all outstanding shares in Schiff Nutrition.

The deal, which has been conducted through the firm's indirect wholly-owned subsidiary Ascot Acquisition Corp, has seen Reckitt Benckiser pay around $1.4 billion (860.23 million pounds) for all outstanding Class A common stock and Class B common stock in Schiff.

It means that the takeover of the consumer health business is now more or less complete, with common stock of Schiff Nutrition to cease trading on the New York Stock Exchange following the finalisation of the merger.

Reckitt Benckiser closed the deal to purchase the company last month, having trumped a previous bid for Schiff offered by Bayer HealthCare.

A deal between Bayer and Schiff had in fact been agreed and formally announced, but Reckitt Benckiser's higher offer persuaded Bayer to retract its interest, due to its reluctance to enter into a competitive bidding process.

The takeover will provide Reckitt Benckiser with an opportunity to make inroads into the lucrative global vitamins, minerals and supplements market.