Alberto Culver Settles Shareholder Lawsuit Regarding Proposed Unilever Acquisition

A group of institutional shareholders of Alberto Culver Company have reached an agreement with the beauty care company stemming from its proposed acquisition by Unilever UN.

Alberto Culver ACV has agreed to alter key features of its acquisition agreement with Unilever that shareholders had asserted prohibited enhanced value from competing bidders.

As part of the settlement, Melrose Park, IL-based Alberto Culver will:

1) eliminate the matching rights it had granted to Unilever;

2) lower any break-up fee the company may be obliged to pay by $25 million to $100 million; and

3) be prepared to promptly provide any superior bidder with the same confidential documents that had been shared with Unilever.