November 20, 2012 / 11:56 AM / in 5 years

UPDATE 1-Bayer shuns bidding war with Reckitt over Schiff

* Bayer: Outbidding Reckitt wouldn’t meet its M&A criteria

* Says to continue looking for bolt-on acquisitions

* Reckitt offered $1.4 bln, above Bayer’s $1.2 bln

FRANKFURT, Nov 20 (Reuters) - German drugmaker Bayer AG gave up trying to buy Schiff Nutrition after Reckitt Benckiser made a higher offer for the U.S. vitamin maker.

“Bayer AG’s Board of Management has decided not to propose any increase” to its offer, the group said in a filing with the U.S. Securities and Exchange Commission published on Tuesday.

Reckitt trumped Bayer’s agreed $1.2 billion deal to buy Schiff with an offer of $1.4 billion for the U.S. vitamin maker.

“Entering a competitive bidding process in response to the November 18 Proposal (Reckitt’s bid) would result in a price outside Bayer’s set financial criteria,” the filing said.

Bayer plans to continue its strategy to augment organic growth with strategic bolt-on acquisitions, it added.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below