Reckitt Benkiser bids $1.4 bn for Schiff

Schiff Chairman Eric Weider and private equity firm TPG Capital controlled 85 percent of the company's voting power, as of the end of October.

For Bayer, the planned acquisition of Schiff represents part of a strategy to expand into steadier, albeit less profitable, areas as a counterweight to prescription medicines, where there are high risks of clinical trial failures and patent expiries.

Reckitt, meanwhile, is keen to build up its healthcare business, which already includes painkillers, anti-acne creams and condoms. It also makes a range of household and personal care products and has brands including Durex and Cillit Bang.