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Leiner agrees to sell substantially all of its assets to NBTY for $230 million
By Jennifer Lanning Drey
Portland, Ore., May 30 - Leiner Health Products, Inc. has entered into an asset purchase agreement with NBTY, Inc. under which NBTY has proposed to purchase substantially all of Leiner's assets for $230 million, according to an 8-K filed with the Securities and Exchange Commission.
Under the agreement, the purchase price will be adjusted downward if the amount of working capital at the time of the sale closing is less than $116.5 million, and it will be adjusted upward if the amount of working capital is more than $126.5 million.
An auction will be held on June 9 if the company receives any competing bids.
If no higher bid is received, the sale is expected to close by September, according to the filing.
Leiner is a Carson, Calif.-based manufacturer of store-brand vitamins, minerals and nutritional supplements. The company filed for bankruptcy on March 10. Its Chapter 11 case number is 08-10446.
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