Empower Brands Offers $37 a Share for Helen of Troy

The cash proposal, disclosed by Spectrum Brands in a regulatory filing, is a 28% premium to Helen of Troy's Oct. 30 closing price.

Updated on Nov. 4, 2026 in Consumer Goods

Empower Brands Offers $37 a Share for Helen of Troy

Empower Brands, co-owned with Oaktree Capital Management, has proposed to acquire all outstanding common equity of Helen of Troy for $37 a share in cash. Helen of Troy management has called the increased offer inadequate.

Why it matters

The proposal follows a rejected $34 offer and an increase to $37 after Helen of Troy stock fell 87% over five years, reflecting the company's financial strain. A completed deal would change ownership of a major consumer goods company listed in the United States.

The offer values Helen of Troy at about $866 million in total, against trailing 12-month combined revenue of $2.9 billion, while the company recorded $886 million in fiscal 2026 impairment charges. It is not yet known whether management will accept the $37 price or whether Empower Brands will raise it again.

The players

Helen of Troy

Helen of Troy is a publicly traded consumer products company whose board is weighing the acquisition proposal.

Empower Brands

Empower Brands is the buyer behind the cash proposal, co-owned with Oaktree Capital Management.

Spectrum Brands

Spectrum Brands is a consumer products company that disclosed the proposal in a regulatory filing and is backing the bid.

Oaktree Capital Management

Oaktree Capital Management is an investment firm that co-owns Empower Brands and is providing capital for the offer.

The details

Empower Brands delivered an initial $34 proposal on Aug. 19, which Helen of Troy rejected on Sept. 3, before raising its offer to $37 on Oct. 12. The offer has no financing contingency and is backed by capital from Empower Brands, Spectrum Brands and Oaktree, though a deal requires a definitive agreement and customary closing conditions.

Aug. 19: Empower Brands delivered its initial $34 per share proposal.
Sept. 3: Helen of Troy rejected the $34 offer.
Oct. 12: Empower Brands raised its offer to $37 per share.
Spectrum said due diligence and a merger agreement could be completed in about 45 days.

Market Landscape

The bid follows a pattern in which a sustained share-price decline draws take-private offers backed by private capital and a co-owner in the same consumer sector. The premium over recent trading levels positions the offer as a consolidation move rather than a standalone purchase.

If the deal closes, shoppers could see changes to the brands and products sold under Helen of Troy's portfolio, though no pricing or product changes have been announced. Any acquisition would take months to complete, so current products remain available unchanged.

The takeaway

The offer shows how a steep and sustained decline in a public share price can draw premium buyout bids from private capital. Readers following consumer brand ownership can watch whether the board accepts a deal in the coming weeks.

What happens next

Spectrum said a definitive merger agreement could be reached in about 45 days, after which Helen of Troy shareholder and regulatory approvals would be required.