Reckitt Benckiser muscles in on Bayer's $1.2bn deal for Schiff Nutrition Representatives for Bayer and Schiff could not be immediately reached for comment. Schiff Chairman Eric Weider and private equity firm TPG Capital controlled 85pc of the company's voting power, as of end-October. Reckitt's offer of $42 per share also represents a premium of nearly 24pc to Schiff's shares close on Thursday. The company said it is confident the deal will close by the year-end. On October 30, Bayer announced a $1.2bn agreement to buy Schiff, seeking stable sources of growth to complement its more volatile prescription drugs business. Under the terms of its deal with Bayer, Schiff is allowed to entertain superior offers made in writing before November 28. If it decides to go with another offer, it would have to pay a $22m breakup fee to Bayer. Many pharmaceutical companies are keen to expand in non-prescription drugs as a steadier, albeit less profitable, counterweight to prescription medicines, where there are risks of, for example, clinical trial failures and patent expiries. Reckitt sells a range of household and personal care products, with everything from dishwashers and detergents to anti-acne creams and condoms in its portfolio. Reckitt, which would fund the deal with existing facilities, expects it to immediately add to its earnings on an adjusted basis. Morgan Stanley is acting as financial adviser to Reckitt, with Paul, Weiss, Rifkind, Wharton & Garrison LLP serving as legal adviser.