Empower Brands Urges Helen of Troy Shareholders to Back $1.6 Billion Bid

Empower Brands is urging shareholders of Helen of Troy to pressure the company's board to reconsider an all-cash acquisition offer of $37 per share. The bid represents an implied enterprise value of approximately $1.6 billion and a 31% premium over the 30-day average share price.

In an open letter published Thursday, Empower Brands chairman David Maura criticized the Helen of Troy board for rejecting the offer on November 4, 2026, without substantive engagement. Maura cited a 12.2% decline in organic sales and a 41.1% drop in adjusted operating income during fiscal 2026 as evidence of poor company performance.

Helen of Troy has defended its internal turnaround strategy, reporting that year-to-date net sales have increased 4.9% and debt has been reduced by $244 million over the last 18 months. Empower Brands, which is jointly owned by Spectrum Brands and Oaktree Capital Management, claims a merger agreement could be finalized within 45 days if the board engages.