Helen of Troy Rejects Empower Brands’ $37 per Share Cash Proposal as Bidder Takes Its Offer Public

Helen of Troy Limited (NASDAQ: HELE), the consumer products company behind OXO, Hydro Flask, Osprey and Braun, became the target of a public takeover proposal on November 4, 2026. Empower Brands Holdings Group, the home and personal care business jointly owned by Spectrum Brands Holdings (NYSE: SPB) and funds managed by Oaktree Capital Management, proposed to acquire Helen of Troy for $37.00 per share in cash. On the same day, Helen of Troy’s board confirmed that it had unanimously rejected the offer.

Inside the Empower Brands Proposal

The non-binding proposal implies an enterprise value of about $1.6 billion for Helen of Troy. According to Empower Brands, the price represents a 28% premium to the October 30 closing price and a 31% premium to the 30-day volume-weighted average price. It also sits 16% above Helen of Troy’s 52-week intraday high of $31.98.

Empower Brands said its offer carries no financing contingency. It plans to fund the deal with cash on hand, new equity from Spectrum Brands and Oaktree, and third-party debt. Notably, that debt would be non-recourse to Spectrum Brands, since Empower Brands is an unrestricted subsidiary. An Empower affiliate already owns about 4.5% of Helen of Troy’s shares.

The bidder also laid out its strategic case. Combining the two businesses would create a consumer products platform with about $2.9 billion in revenue over the last 12 months, spanning home appliances, personal care and related categories. In addition, Empower Brands said it could complete due diligence and finalize a merger agreement in roughly 45 days.

How the Talks Unfolded

Empower Brands said the public proposal followed months of private outreach. Its management first met with Helen of Troy’s management on July 27 to discuss an acquisition. On August 19, it offered $34.00 per share, and Helen of Troy rejected that proposal on September 3. Empower Brands then raised its price to $37.00 on October 12, and Helen of Troy’s management called the increased offer inadequate on October 20.

The two sides describe the next step differently. Empower Brands said Helen of Troy would share information only under a confidentiality agreement that restricted Empower’s ability to publicly disclose its interest and its offer. Helen of Troy, for its part, said it offered a customary non-disclosure agreement that would have allowed Empower Brands to receive information, and that Empower Brands refused.

Empower Brands also pointed to Helen of Troy’s track record. Its release cited an 87% decline in the share price over five years as of October 30 and $886 million of impairment charges in fiscal 2026. “We remain willing to enter into a constructive dialogue that could potentially support an improved Proposal and lead to consummating a friendly transaction,” said David Maura, Chairman and CEO of Spectrum Brands and Chairman of Empower Brands.

Helen of Troy’s Case for Staying Independent

Helen of Troy’s board determined that the proposal “substantially undervalues” the company. Instead, the board pointed to the three-phase strategic roadmap that CEO G. Scott Uzzell unveiled in April 2026. Alongside its response, the company also released an investor presentation outlining that plan.

The company highlighted recent results as evidence of progress. In its second quarter of fiscal 2027, net sales rose 2.1% to $440.9 million, and adjusted EBITDA reached $49.4 million. The company also raised its full-year adjusted EBITDA outlook to $203 million to $210 million. Over the past 18 months, it has also cut total debt by about $244 million to $673 million.

Looking further out, Helen of Troy expects low-to-mid single-digit annual net sales growth over the next five years, along with high-single-digit adjusted EBITDA growth. It also noted that its share price rose 67.5% from the end of fiscal 2026 through November 3. Even so, the board said it “remains open to opportunities that are in the best interest of Helen of Troy and its shareholders.” BofA Securities is advising Helen of Troy, while UBS is advising Empower Brands.

Strategic Investment Summary

• Cash Proposal: Empower Brands proposed on November 4, 2026 to acquire Helen of Troy (NASDAQ: HELE) for $37.00 per share in cash, implying an enterprise value of about $1.6 billion.
• Premium: The offer represents a 31% premium to the 30-day volume-weighted average price and a 28% premium to the October 30 close.
• Board Response: Helen of Troy’s board unanimously rejected the proposal, saying it substantially undervalues the company.
• Combined Scale: Empower Brands said the combination would create a platform with about $2.9 billion in trailing 12-month revenue.
• Financing: The bidder plans to use cash on hand, equity from Spectrum Brands and Oaktree, and third-party debt, with no financing contingency.
• Standalone Plan: Helen of Troy raised its fiscal 2027 adjusted EBITDA outlook to $203 million to $210 million and has cut total debt to $673 million.

Find out more about the latest corporate developments and financial reports at the Helen of Troy investor portal.