Reckitt Benckiser tops Bayer's offer for Schiff Nutrition

Thu Nov 15, 2012 5:31pm EST

Nov 15 (Reuters) - Reckitt Benckiser Group Plc said it will begin a tender offer to buy U.S. vitamins maker Schiff Nutrition International Inc rivaling a bid from German drug giant Bayer.

Schiff agreed to be bought out by Bayer for $34.00 per share in late October.

Reckitt's offer of $42.00 per share represents a premium of nearly 24 percent to Schiff's shares close on Thursday. The company plans to start its tender offer from Nov. 16.