Alberto Culver stockholders approve Unilever merger

Related tags Alberto culver Mergers and acquisitions

Illinois-headquartered personal care product manufacturer Alberto Culver has announced that its stockholders voted to approve the acquisition by Unilever.

The Anglo-Dutch consumer giant will acquire all outstanding shares of Alberto Culver following the approval of the​Agreement and Plan of Merger dated September 27, 2010 and amended on November 29, 2010.

Separately, Alberto Culver confirmed today that it and Unilever have received a second request for information from the United States Department of Justice which is reviewing the transaction as part of the regulatory process under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The HSR Act states that before certain mergers, tender offers or other acquisition transactions can close, both parties must file a ‘Notification and Report Form’.

The filing requirement is triggered only if the value of the transaction and, in some cases such as this, the size of the parties, exceeds certain dollar thresholds, which are adjusted over time.

With regulatory approvals and certain closing conditions still needing to be fulfilled Alberto Culver expects the merger to close in calendar year 2011.

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