As reported in Businessweek, Financial Times,
The New York Times "Dealbook" and Reuters, Paul,
Weiss client Reckitt Benckiser Group PLC (Reckitt Benckiser)
announced that it will commence a tender offer on November 16 to
acquire all of the outstanding shares of Schiff Nutrition
International, Inc. (Schiff), a leading provider of branded
vitamins, nutrition supplements and nutrition bars, for $42.00 per
share in cash for the value of $1.4 billion. Reckitt Benckiser's
offer is not dependent on financing as the purchase will be funded
from existing facilities.
Reckitt Benckiser's is subject to Schiff and its controlling
stockholders terminating their previously announced merger
agreement and related agreements with Bayer HealthCare LLC, and
entering into definitive agreements with Reckitt Benckiser, and to
other customary conditions
The Paul, Weiss team included corporate partners Toby Myerson,
Kelley
Parker and Steven Williams.