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Unilever to buy hair-care firm Alberto Culver
Deal boosts Unilever’s presence in hair conditioning, shampoo, styling

Consumer-products group Unilever PLC announced Monday it has reached a deal to buy hair-products group Alberto Culver Co. for $3.7 billion in cash.

Unilever /quotes/comstock/13*!un/quotes/nls/un (UN 29.37, +0.52, +1.80%) /quotes/comstock/13*!ul/quotes/nls/ul (UL 28.56, +0.47, +1.67%) /quotes/comstock/23s!e:ulvr (UK:ULVR 1,837, +44.00, +2.45%) plans to acquire all the outstanding shares of U.S.-based Alberto Culver /quotes/comstock/13*!acv/quotes/nls/acv (ACV 31.48, +0.18, +0.58%) for $37.50 per share in cash, representing a 33% premium to the hair-care group’s 12-month, volume-weighted average share price.

The deal is subject to approval by majority owners of the hair-products company, while the boards of directors of both companies have already approved the merger.