Sterne Agee CRT analyst April Scee said she would ascribe greater odds to the chance that Reckitt Benckiser (RBGLY) will actually make an offer to acquire Church & Dwight (CHD), as has been indicated in a report this morning, than she would give to yesterday's rumor that Procter & Gamble (PG) was eyeing a deal to buy C&D. Scee reiterated her view that C&D could be attractive to a buyer wanting strong U.S. exposure, but noted a combination with Reckitt may require a condom divestiture given the companies' combined share of the market. Sterne Agee CRT has a Neutral rating on Church & Dwight shares.