Consumer products maker Unilever NV has agreed to buy Alberto Culver Co., the U.S. maker of beauty products such as TRESemme, VO5 shampoo and Noxzema, for $3.7 billion in cash in a management-backed deal.

Unilever said it will offer $37.50 per share for Alberto Culver, a 19 percent premium to its Friday closing price. The deal must be approved by regulators and Culver shareholders.

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