Under the terms of the agreement, Unilever, who begun the acquisition in fall last year, will divest the Alberto VO5 brand in the United States from the Alberto Culver portfolio and the Rave brand from the Unilever portfolio.
The Alberto Culver transaction however remains subject to regulatory approval in the UK, Argentina, Honduras, El Salvador and the Isle of Jersey, meaning 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.
Where relevant, appropriate arrangements have been put in place in these jurisdictions to allow completion of the global acquisition of the company, Alberto Culver said in a statement.
Acquisition announcement made last year
The Illinois-headquartered personal care product manufacturer announced last year that its stockholders voted to approve the acquisition by Unilever.
The Anglo-Dutch consumer giant was poised to acquire all outstanding shares of Alberto Culver following the approval of the Agreement and Plan of Merger dated September 27, 2010 and amended on November 29, 2010.
Seperately, Alberto Culver confirmed on December 20, 2010, that it and Unilever had received a second request for information from the DOJ which was reviewing the transaction as part of the regulatory process under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
The HSR Act states that before certain mergers, tender offers or other acquisition transactions can close, both parties must file a ‘Notification and Report Form’.
The filing requirement is triggered only if the value of the transaction and, in some cases such as this, the size of the parties, exceeds certain dollar thresholds, which are adjusted over time.