Reuters: Regulatory News: UPDATE 1-Bayer shuns bidding war with Reckitt over Schiff

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UPDATE 1-Bayer shuns bidding war with Reckitt over Schiff Nov 20th 2012, 11:56 Tue Nov 20, 2012 6:56am EST FRANKFURT, Nov 20 (Reuters) - German drugmaker Bayer AG gave up trying to buy Schiff Nutrition after Reckitt Benckiser made a higher offer for the U.S. vitamin maker. "Bayer AG's Board of Management has decided not to propose any increase" to its offer, the group said in a filing with the U.S. Securities and Exchange Commission published on Tuesday. Reckitt trumped Bayer's agreed $1.2 billion deal to buy Schiff with an offer of $1.4 billion for the U.S. vitamin maker. "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," the filing said. Bayer plans to continue its strategy to augment organic growth with strategic bolt-on acquisitions, it added.

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