By  on November 30, 2010

A group of Alberto Culver Co. shareholders said Monday they had reached a settlement modifying terms of the company’s $3.7 billion cash acquisition by Unilever.

According to the plaintiffs, Alberto Culver has agreed to eliminate the “matching rights” provision granted to Unilever, allowing it to match any competing offers received, and to reduce the breakup fee attached to the deal to $100 million from $125 million. Competing bidders would be privy to the same information given to Unilever. The shareholder vote on the deal was pushed back to Dec. 17 from Dec. 13.

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