British consumer goods company Reckitt Benckiser Group PLC says it will acquire vitamin and nutrition supplement maker Schiff Nutrition International Inc. for $1.4 billion.
The company said Wednesday that the deal will build on its health care business in the U.S. where it already sells brands such as Muxinex, Delsym and Durex. Schiff products include Tiger's Milk nutrition bars and Airborne immune system health supplements.
Reckitt originally made the $42-per-share offer earlier this month only weeks after Bayer AG offered $34 dollars per share for the Salt Lake City-based company. Bayer later said it did not want to engage in a bidding war for the company.
Schiff's board has approved the deal and urges stockholders to tender their shares. The offer expires Dec. 14.