Pharma BD Deal Intelligence

Reckitt Benckiser plc / Schiff Nutrition International, Inc.

2012 · Acquisition/Merger · $1.4B · Complete

CALLED IT — OFF BY 4
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The coverage arc

Nov 19, 2012 Drug Store News Bullish

Reckitt's 23.5% premium over Bayer's prior bid signals aggressive intent to anchor a US consumer-health platform; analysts cited Reckitt's Boots/Adams/SSL…

Nov 21, 2012 PR Newswire (Reckitt Benckiser) Bullish

Reckitt Benckiser CEO Rakesh Kapoor: 'excited to enter the $30 billion global vitamins, minerals and supplements market with such a strong portfolio of high…

Nov 26, 2012 SupplySide Supplement Journal Neutral

Reckitt Benckiser offered $42 per share ($1.4 billion), surpassing Bayer's prior $34 per share ($1.2 billion) bid, an $8-per-share premium, winning a bidding…

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Reckitt Benckiser tendered $42/share (~$1.4B) for Schiff, 23.5% premium over Bayer's $34 bid. Schiff board signed merger agreement with Reckitt; Bayer declined to counterbid. Note: nutraceutical/consumer-health, borderline category.

Did it work? Outcome assessment

Strategic verdict
Achieved Stated Rationale
Financial impact
Neutral
Pipeline outcome
Assets Advanced

Key facts

Related deals — scored

DealYearValueOutcome
Reckitt Benckiser plc / Schiff Nutrition International, Inc. (this deal)2012$1.4B67
Reckitt Benckiser plc / Boots Healthcare International2006$3.4B82
Reckitt Benckiser plc / Adams Respiratory Therapeutics Inc.2007$2.3B82
Reckitt Benckiser plc / Boots Healthcare International2005$3.4B78
Watson Pharmaceuticals (Actavis Inc.) / Actavis plc2012$5.9B97
Kohlberg Kravis Roberts & Co. / PRA International (Genstar Capital)2013$1.3B91
Stryker Corporation / MAKO Surgical Corp.2013$1.6B91

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