Spectrum Brands’ Empower Brands offers to buy Helen of Troy for $37 per share
HELE•Empower Brands proposed buying Helen of Troy for $37 per share in cash, implying an enterprise value of approximately $1.6 billion and a 28% premium to its October 30, 2026, close. Helen of Troy deemed the increased proposal inadequate, and no definitive agreement has been reached.
1. Revised cash proposal
Empower Brands, jointly owned by Spectrum Brands and Oaktree-managed funds, increased its offer for Helen of Troy to $37 per share in cash on October 12, 2026, from an initial $34 proposal submitted August 19. The proposal implies an enterprise value of approximately $1.6 billion and a 28% premium to Helen of Troy’s October 30, 2026, close. Helen of Troy deemed the increased proposal inadequate on October 20, and no definitive agreement has been reached.
2. Proposed funding
Funding would comprise existing cash, new equity and third-party debt, with no financing contingency. Empower’s debt would be non-recourse to Spectrum.
