Acquisition to Provide Reckitt Benckiser a Significant Opportunity to Enter
Large and Growing Vitamins, Minerals and Supplements Market
Cash Offer Represents 23.5% Percent Premium to Announced Bayer Group
Transaction
And Tender Offer Can Close by Year-End
Slough, England - November 15, 2012 - Reckitt Benckiser Group PLC ("Reckitt
Benckiser") (LSE: RBL) today announced that it will commence a tender offer
tomorrow, November 16, 2012 to acquire all of the outstanding shares of Schiff
Nutrition International, Inc. ("Schiff") (NYSE: SHF), a leading provider of
branded vitamins, nutrition supplements and nutrition bars in the United States
and elsewhere, for $42.00 per share in cash valuing Schiff at approximately
$1.4billion. Reckitt Benckiser's offer is not dependent on financing as the
purchase will be funded from existing facilities.
Reckitt Benckiser's offer represents a premium of 23.5 percent over the $34.00
per share transaction announced on October 30, 2012 by Bayer HealthCare LLC
("Bayer") and Schiff. Reckitt Benckiser is confident that it can close the
tender offer before the end of calendar year 2012, provided it is permitted in
short order to complete limited confirmatory due diligence.
