LONDON (July 21, 2010)—SSL International P.L.C.'s management board has agreed to a $3.9 billion cash offer for the company by Reckitt Benckiser P.L.C.
The offer for the maker of Durex condoms and Scholl footwear products is four times the level of SSL's share price five years ago, and during that period the firm trebled its profits, said SSL Chairman Gerald Corbett.
Household and healthcare specialist Reckitt Benckiser said the acquisition will boost its global health and personal care net revenues by more than 36 percent. The company distributes household, toiletry, pharmaceutical and food products throughout the world.
The offer—unanimously recommended by the SSL board—would give SSL shareholders $17.76 a share, and entitle them to receive a proposed final dividend of 12 cents a share for the year ended March 31.