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Alberto-Culver's stockholders have approved the proposal to separate the company in two separate publicly-traded companies. According to the company, the proposal was approved by 83% of the issued and outstanding shares of Alberto-Culver common stock, and nearly 99% of the votes cast were in favor of the transaction.
As a result of the split, the company will divide into the new Alberto Culver and Sally Beauty Holdings Inc. On the day following the completion of the transaction, the new Alberto-Culver will be traded under the same symbol as old Alberto-Culver, "ACV," and Sally Beauty Holdings will be traded under the symbol SBH. The company expects to complete the transaction on November 16, 2006.