Bayer Drops Out in the Race for Schiff

According to published reports, Bayer AG has ceased its pursuit of Schiff Nutrition International Inc., ending speculation that the deal was poised to become the industry’s most expensive acquisition.

Late last month German drugmaker Bayer announced its intent to buy Schiff for $34 a share, or about $1.1 billion including net debt, according to Bloomberg. The situation grew interesting when Reckitt Benckiser Group Plc made a surprise offer of $42 a share, or about $1.4 billion.

In a filing with the U.S. Securities and Exchange Commission Bayer said that a competitive bidding process “would result in a price outside Bayer’s set financial criteria.”