Alberto-Culver Company announced that its stockholders approved the proposal to separate the company into two separate publicly-traded companies. The proposal was approved by approximately 83% of the issued and outstanding shares of Alberto-Culver common stock holders entitled to vote. Approximately 99% of the votes cast were in favor of the transaction.
The company received a favorable private letter ruling from the Internal Revenue Service concerning this transaction on November 9. Assuming the satisfaction of all remaining closing conditions, Alberto-Culver expects to complete the transaction on November 16, 2006.
As a result of the transactions, Alberto-Culver will separate into two separate publicly-traded companies: new Alberto-Culver, which will operate the company's consumer products business, and Sally Beauty Holdings, Inc., which will operate the company's Sally/BSG distribution business. Shareholders will also receive a $25.00 per share special cash dividend. The shares of each company's common stock have been authorized for listing on the New York Stock Exchange. Beginning on the day following completion of the transactions, 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."