Alberto Culver Stockholders Approve $3.7B Merger

Alberto Culver Company announces that its stockholders voted to approve the Agreement and Plan of Merger dated Sept. 27, 2010 and amended on Nov. 29, 2010, which provides for the acquisition by Unilever of all outstanding shares of Alberto Culver.

 

The proposed acquisition includes brands such as TRESemm, Alberto VO5, Nexxus, St. Ives and Simple. These will complement Unilever's existing portfolio of iconic brands such as Dove, Clear and Sunsilk in hair care and Pond's and Vaseline in skin care.

 

Separately, Alberto Culver confirmed that it and Unilever have received a second request for information from the United States Department of Justice (the "DOJ"), which is reviewing the transaction as part of the regulatory process under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the HSR Act). Alberto Culver will continue to cooperate fully with the DOJ in connection with its review. The second request has the effect of extending the waiting period under the HSR Act until 30 days after both parties have substantially complied with the requests, subject to any modifications of the requests to which the DOJ may agree.

 

The closing of the transactions contemplated by the merger agreement remains subject to regulatory approvals and the fulfillment or waiver of certain other closing conditions that have not yet been satisfied. Alberto Culver expects the merger to close in calendar year 2011.