Bayer to Acquire Schiff Nutrition for $1.2B

FBN's Lauren Simonetti with the stories that will move the markets Wednesday.

Bayer Buys Airborne Maker Schiff Nutrition for $1.2B

By Features FOXBusiness

Bayer inked a deal on Tuesday to buy Schiff Nutrition International (SHF) for $1.2 billion in an effort to bolster its position in the U.S.

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The $34-a-share transaction, pending customary closing conditions and regulatory approvals, is slated to close by the end of this year.

The vitamin and nutritional supplement company’s portfolio of brands like MegaRed, Move Free and Airborne “significantly enhances” Germany-based Bayer’s presence in the U.S., the biggest over-the-counter and nutritional products market in the world.

"Bayer is committed to augment its organic growth with strategic bolt-on acquisitions,” CEO Marijn Dekkers said in a statement. “This transaction represents an excellent strategic fit for our HealthCare business."

Schiff generated sales last year of $259 million and forecast 2013 sales growth of 43% to 46%.

The company employs about 400 people and is based in Salt Lake City, Utah, with additional offices in Emeryville, Calif.

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