Helen of Troy Limited (NASDAQ: HELE) has issued a formal statement rejecting an unsolicited acquisition proposal from Empower Brands Holdings Group, LLC. The proposal, which remains unchanged at $37.00 per share in cash, was made by Empower Brands, which is jointly owned by Spectrum Brands Holdings, Inc. (NYSE: SPB) and Oaktree Capital Management, L.P.
The Helen of Troy Board of Directors unanimously determined that the offer significantly undervalues the company and its prospects for continued growth. The Board stated that it is confident in its standalone strategic plan, which it claims will deliver more value to shareholders than the current proposal. The company noted that it has a new CEO, a refreshed Board, and a plan that is already delivering results, including a raised outlook for fiscal 2027, expanding margins, and a strengthened balance sheet.
In its response, the company detailed its history of engagement with Spectrum Brands. Helen of Troy stated that it was prepared to share its detailed financial plan with Empower Brands under a non-disclosure agreement but that Empower Brands declined to sign. The company also noted that Spectrum Brands had previously proposed a stock-for-stock merger involving Helen of Troy acquiring Spectrum Brands’ Household & Personal Care business in March 2025, which the Board deemed inappropriate for further discussion. The company has since publicly disclosed a summary-level five-year outlook but indicated it has no intention of sharing additional details with a competitor absent a compelling proposal.
At this time, no tender offer for the company's shares has commenced. The Board stated that it remains open to opportunities that are in the best interests of Helen of Troy and its shareholders, provided they are consistent with its fiduciary duties.
