Alberto-Culver Stockholders OK Spinoff

2006-11-10 | 08:29

Alberto-Culver Co said Friday its shareholders approved the spin-off of its Sally Beauty operation as a separate publicly-traded companies. The new Alberto-Culver will operate the company's consumer products business, and Sally Beauty Holdings Inc. will operate the Sally/BSG distribution business. Sally Beauty is one of the largest beauty supply distributors in the world, selling hair and skin care goods, cosmetics, and styling aids through direct sales and in stores in the U.S., Canada, Germany, Japan, and Britain. Shareholders also will receive a $25 per share special cash dividend. The shares of each company's common stock have been authorized for listing on the New York Stock Exchange. Alberto-Culver will continue under the ticker symbol "ACV," and Sally Beauty Holdings will be traded under "SBH." Alberto-Culver expects to complete the transaction on Nov. 16.