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Alberto Culver Company announced that Unilever and the U.S. Department of Justice have reached an agreement that will enable Unilever to complete its proposed acquisition of the Alberto Culver Company. Under the terms of the agreement, Unilever will divest the Alberto VO5 brand in the United States from the Alberto Culver portfolio and the Rave brand from the Unilever portfolio. Subject to customary closing conditions, the acquisition is expected to close on or about 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 by the respective local authorities, which are expected in due course.
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.