Sally Beauty's (SBH) Beauty Systems Group LLC Merged With Schoeneman Beauty Supply
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On September 30, 2009, Beauty Systems Group LLC, a subsidiary of Sally Beauty Holdings (NYSE: SBH), entered into an Agreement and Plan of Merger with Schoeneman Beauty Supply, the shareholders of Schoeneman and F. Dale Schoeneman, as shareholder representative, pursuant to which Schoeneman merged into a wholly-owned acquisition subsidiary of the Company.
The aggregate merger consideration for the transaction was $71 million, subject to certain adjustments, including an adjustment based on closing date net assets. The Company currently expects to realize approximately $10 million of present value future tax savings as a result of expected future incremental depreciation and amortization tax deductions relating to the assets acquired in this transaction. The Company has agreed to indemnify the shareholders of Schoeneman for certain increased tax liabilities that they may incur as a result of the structure of the transaction.
The aggregate merger consideration for the transaction was $71 million, subject to certain adjustments, including an adjustment based on closing date net assets. The Company currently expects to realize approximately $10 million of present value future tax savings as a result of expected future incremental depreciation and amortization tax deductions relating to the assets acquired in this transaction. The Company has agreed to indemnify the shareholders of Schoeneman for certain increased tax liabilities that they may incur as a result of the structure of the transaction.
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