Unilever To Acquire ACV For $37.50 Per Share

Unilever UN UL has planned to buy the remaining shares of Alberto Culver ACV for $37.50 per share in cash. The purchase price of $37.50 represents a 33% premium to the ACV's 12-month, volume-weighted average share price. The boards of directors of both the companies have given their approval to this deal, but it is still subject to approval by majority shareholders of the hair-products company. The deal will help Unilever to become the largest company in hair conditioning worldwide, 2nd-largest in shampoo and 3rd-largest in styling. It will also help Unilever to enhance its presence in the US, Canada, the UK, Mexico and Australia. Unilever CEO Paul Polman said, “Personal Care is a strategic category for Unilever and growing rapidly.” He added, “Ten years ago it represented 20% of our turnover; strong organic growth has driven it to now reach over 30%, with strong positions in many of the emerging markets.” ACV's shares surged 20.39% to $37.90 in pre-market trading. Read more from Benzinga's Company news.