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Unilever Acquisition of Alberto Culver Approved, Terms Set
Posted: May 9, 2011
The US Department of Justice has reached an agreement with Unilever enabling the company's proposed acquisition of the Alberto Culver Company. Under the terms of the agreement, Unilever will divest the Alberto VO5 hair care brand in the United States and the Rave hair care brand from the Unilever portfolio. According to the Bloomberg news, these divestitures are required to resolve competitive concerns about the transaction.
Subject to customary closing conditions, the acquisition is expected to close on May 10, 2011. The Alberto Culver transaction remains subject to regulatory approval in the U.K., Argentina, Honduras, El Salvador and the Isle of Jersey. As such, the relevant businesses will remain competitors in these jurisdictions until the acquisition has been approved.
On Sept. 27, 2010, Alberto Culver entered into a definitive agreement with Unilever pursuant to which Unilever will acquire all of the outstanding shares of Alberto Culver for $37.50 per share in cash. On Dec. 17, 2010, the transaction was approved by Alberto Culver stockholders.
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