Empower Brands, the home and personal care business jointly owned by Spectrum Brands and funds managed by Oaktree Capital Management, said on 4 November 2026 that it had proposed to acquire Helen of Troy for US$37.00 per share in cash, implying an enterprise value of about US$1.6bn. Helen of Troy's board unanimously rejected the non-binding proposal the same day.
Why Empower Brands Holdings Group, LLC (Spectrum Brands and Oaktree Capital Management) is buying Helen of Troy Limited
Empower Brands, which already holds about 4.5% of Helen of Troy through an affiliate, is seeking to add the owner of brands including OXO kitchen products and Revlon hair tools to its home and personal care portfolio. Bloomberg reported that the public disclosure was intended to pressure Helen of Troy to engage.
Deal terms and financing
The proposal represents premiums of 28% to Helen of Troy's 30 October close, 31% to its 30-day volume-weighted average price and 16% to its 52-week intraday high. Empower first proposed US$34.00 per share on 19 August, which was rejected on 3 September, and raised the offer to US$37.00 on 12 October. It says the bid has no financing contingency and would be funded from Empower's cash, new equity from Spectrum Brands and Oaktree, and third-party debt that would be non-recourse to Spectrum Brands.
Regulatory approvals and timing
Completion would require a definitive agreement, Helen of Troy shareholder approval and regulatory approvals. Empower says it could complete due diligence and a merger agreement in about 45 days.
Market context
Helen of Troy said the proposal substantially undervalues the company, citing progress under the strategy launched in April 2026 by chief executive G. Scott Uzzell, a reduction of about US$244m in total debt over 18 months and a 67.5% rise in its shares in the fiscal year to date. It said Empower had declined a customary non-disclosure agreement.
