Church & Dwight Plays Down Takeover-Bid Speculation

Church & Dwight Co., maker of Arm & Hammer branded products, said it isn't engaged in any discussions with a prospective bidder and it isn't aware of a takeover offer, following press reports of a potential sale.

The company's stock reached an all-time high of $107.36 in morning trading in New York before the stock was halted and the company issued a news release playing down the market speculation. Shares pulled back once trading began again, and they were up 2% to $98.96 in recent trading.

The Spanish news outlet Negocios.com reported Thursday that Reckitt Benckiser Group PLC, maker of Durex condoms, would offer $23 billion next week to buy Church & Dwight, which sells Trojan brand condoms. The report cited unnamed sources.

Representatives for Reckitt Benckiser and Negocios couldn't immediately be reached for comment.

"The company believes that it is prudent to advise its employees and investors that the company is not engaged in discussions with, nor has it received any proposal or communication concerning a potential bid for the company or any of its business units and is not otherwise aware of any information supporting these rumors," Church & Dwight said in a statement.

Earlier this month, Church & Dwight reported better-than-expected sales growth in the first quarter, helped by performance in its domestic segment. Profit also climbed.

Write to Joshua Jamerson at [e-mail]

(END) Dow Jones Newswires

May 19, 2016 12:05 ET (16:05 GMT)

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