Bayer Abandons Schiff Bid, Petronas Extends Progress Energy Offer: Merger and Acquisitions Roundup
Reckitt Benckiser’s (RBGPF.PK) higher bid for the American vitamins producer Schiff Nutrition International (SHF) has prompted the German drugmaker Bayer (BAYZF.PK) to abandon its efforts along that line, saying that, “Bayer AG’s Board of Management has decided not to propose any increase” to its offer, according to a filing with the Securities and Exchange Commission that was published Tuesday. Reckitt’s offer topped Bayer’s agreed $1.2 billion bid to buy Schiff with its own offer of $1.4 billion. The filing added that, “Entering a competitive bidding process in response to the November 18 Proposal (Reckitt’s bid) would result in a price outside Bayer’s set financial criteria.”
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Petronas announced Tuesday that it is again extending the closing date of its bid for acquisition of Progress Energy Resources (PRQNF.PK) while it waits for the Canadian government to okay the deal worth some C$5.2 billion. December 30th will be the new date. In October, it extended the deadline to November 30th, following the rejection of the transaction by the Canadian government which pronounced that it was not likely to bring a “net benefit” to Canada.