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Leiner enters amended sale agreement with NBTY; purchase price increased to $371 million
By Jennifer Lanning Drey
Portland, Ore., June 10 - Leiner Health Products Inc. has agreed to sell substantially all of its assets to NBTY for $371 million, according to an NBTY news release.
The purchase price reflects an increase from NBTY's original $230 million bid.
The amended purchase agreement provides for a downward purchase price adjustment if the amount of actual working capital at closing is less than $110 million, and it will be adjusted upward if the amount of working capital is greater than $110 million.
A hearing for approval of the sale is scheduled for Wednesday in the U.S. Bankruptcy Court for the District of Delaware.
According to the release, NBTY expects to complete the acquisition by September.
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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