Alberto shareholders OK sale to Unilever

By Associated Press
Posted Dec. 17, 2010 at 5:45 p.m.

Shareholders of Alberto-Culver Co., the maker of  beauty products such as VO5 and Noxzema, have approved the company’s $3.7 billion takeover by  consumer products maker Unilever NV, the companies said on Friday.

The company also said it and Unilever have received a  second request for information from the Department  of Justice, which is reviewing the deal.

The deal was announced in September. Alberto Culver’s shareholders initially resisted the deal and  filed multiple  suits against the company, saying that the terms curbed
offers from competing bidders. The company settled with its shareholders in late November and agreed to delay the shareholder vote on the deal to allow other potential suitors more time to come up with a better bid.

That does not appear to have happened. The deal is now expected to close in 2011.

Shares of Alberto Culver gained 1 cent, to close at $37.19.

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