Helen of Troy Limited (NASDAQ: HELE) (“Helen of Troy” or the “Company”) issued the following statement in response to Empower Brands Holdings Group, LLC (“Empower Brands”), which is owned by Spectrum Brands Holdings, Inc. (NYSE: SPB) (“Spectrum Brands”) and Oaktree Capital Management, L.P. (“Oaktree”):
The Helen of Troy Board of Directors unanimously determined that Empower Brands’ unsolicited, non-binding proposal to acquire Helen of Troy, which remains unchanged at $37.00 per share in cash, significantly undervalues the Company and its prospects for continued growth and value creation. The Board is confident that the Company’s standalone strategic plan will deliver more value to shareholders than this proposal.
Helen of Troy has a new CEO, a refreshed Board and a plan that is already delivering results, with a raised outlook for fiscal 2027, expanding margins and a significantly strengthened balance sheet. Spectrum Brands and Oaktree are opportunistically seeking to capture the upside inherent in the execution of Helen of Troy’s plan.
The Board, alongside its financial and legal advisors, has carefully evaluated each of Empower Brands’ overtures. This includes Spectrum Brands’ March 2025 idea for Helen of Troy to acquire Spectrum Brands’ Household & Personal Care business using the Company’s shares, which did not provide an appropriate basis for further discussion. In determining that Empower Brands’ October 12, 2026, proposal substantially undervalues Helen of Troy, the Company’s management team and its advisors engaged with their counterparts at Spectrum Brands at every outreach received.
As previously disclosed, Helen of Troy was prepared to share its detailed financial plan with Empower Brands under a customary non-disclosure agreement. Empower Brands declined. Helen of Troy has since publicly disclosed its summary-level five-year outlook, giving Empower Brands and Helen of Troy shareholders a view of the plan and the value it is designed to deliver. Absent a compelling proposal that fairly values Helen of Troy, there is no reason to share additional details with a competitor.
The Board remains open to opportunities that are in the best interests of Helen of Troy and its shareholders and will appropriately consider opportunities consistent with its fiduciary duties.
About Helen of Troy Limited
Helen of Troy Limited (NASDAQ: HELE) is a leading global consumer products company offering creative products and solutions for its customers through a diversified portfolio of well-recognized and widely-trusted brands, including OXO, Hydro Flask, Osprey, Vicks, Braun, Honeywell, PUR, Hot Tools, Drybar, Curlsmith, Revlon and Olive & June. All trademarks herein belong to Helen of Troy Limited (or its subsidiaries) and/or are used under license from their respective licensors.
For more information about Helen of Troy, please visit http://investor.helenoftroy.com
