NBTY Buying Leiner Health

According to an article appearing on Private Equity Hub (pehub.com), Leiner Health Products has agreed to sell its assets to NBTY for approximately $230 million. "North Castle Partners and Golden Gate Capital co-led a $650 million recap of Leiner Health back in 2004, before which North Castle had been the sole sponsor. That deal included around $131 million in equity from each firm, and gave North Castle a 3x return on its initial investment."

The Form 8-K for NBTY (http://biz.yahoo.com/e/080530/nty8-k.html) notes, "If a higher or better offer is submitted, an auction will be conducted on June 9, 2008, in which case the terms of the Agreement may change.....If no higher or better offer is submitted by a competing bidder, the purchase transaction contemplated by the Agreement is expected to close no later than September, 2008."

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