Spectrum Brands Holdings, Inc. reported that Empower Brands Holdings Group, LLC issued an open letter to shareholders of Helen of Troy Limited on November 12, 2026. Empower Brands is the Home & Personal Care business jointly owned by Spectrum Brands and funds managed by Oaktree Capital Management.
The letter confirms Empower Brands’ proposal to acquire all outstanding common equity of Helen of Troy in an all-cash transaction. The offer is priced at $37.00 per share, representing an implied enterprise value of approximately $1.6 billion.
Empower Brands stated that an affiliate of the company currently owns approximately 4.5% of Helen of Troy’s outstanding shares. The offer is described as a substantial premium to where the stock traded prior to the interest becoming public.
The filing notes that the Helen of Troy Board rejected the offer on November 4, 2026, without substantively engaging with Empower Brands. The letter criticizes the company’s history of strategic resets, citing a previous strategy, “Elevate for Growth,” which projected a share price range of $228 to $398 in 2023 but has not materialized.
Empower Brands indicated it remains willing to engage constructively with the Helen of Troy Board to pursue a mutually beneficial transaction. The group stated it is confident it can complete due diligence and finalize a merger agreement within 45 days, provided it is given access to Helen of Troy’s books and records.
