Helen of Troy, the only publicly traded company headquartered in El Paso, has rejected an unsolicited $37-per-share cash offer from Empower Brands that would have valued the consumer products maker at roughly $1.6 billion. The company behind Hydro Flask, OXO and Vicks says the bid undersells where it's headed, not where it's been.
Board Calls the Offer a Lowball
Helen of Troy's board said it unanimously determined that Empower Brands' proposal substantially undervalues the company and is not in the best interest of shareholders, according to El Paso Inc. The all-cash offer carries an implied enterprise value of about $1.6 billion, per the same report. The board determined that continuing its own strategy offers a better path forward, the publication notes.
Empower Brands is jointly owned by Spectrum Brands and Oaktree Capital Management, and its portfolio includes Black+Decker, George Foreman and Remington. David Maura, the firm's chairman, said in a statement carried by Spectrum Brands investor relations that “We remain willing to enter into a constructive dialogue that could potentially support an improved Proposal and lead to consummating a friendly transaction.” Maura also said the offer gives Helen of Troy shareholders an opportunity to realize immediate value and argued the transaction maximizes shareholder value while providing certainty of closing.
Months of Back-and-Forth Before Going Public
Empower Brands first approached Helen of Troy management in July, according to the firm's account, before submitting an initial proposal of $34 per share in August. Helen of Troy management rejected that offer, and Empower Brands came back on Oct. 12 with a raised bid of $37 per share. Helen of Troy's investor presentation states that its board unanimously rejected that October proposal on Oct. 20, determining it significantly undervalued the company.
Empower Brands disclosed its offer publicly on Wednesday, Nov. 4. The firm's affiliate currently owns about 4.5% of Helen of Troy's outstanding shares, per its proposal. Bloomberg reported separately that the Oct. 12 all-cash proposal was valued at about $866 million at the time and represented nearly a 30% premium to Helen of Troy's share price, a figure attributed to the news outlet's own reporting.
Dueling Numbers on Performance
Empower Brands has argued that Helen of Troy has underperformed and that its brands would be stronger inside a larger company, criticizing both its revenue challenges and what it called an acquisition strategy of overpaying for deals. Maura has said Helen of Troy lacks the scale or financial ability to compete as currently structured. Per the firm's proposal, Helen of Troy's share price declined 87% over the five years ending Oct. 30, and its revenue and adjusted EBITDA fell 19% and 51%, respectively, over the company's last four fiscal years. Empower Brands also pointed to a 12.2% decline in fiscal 2026 organic sales.
Empower Brands framed its $37 offer as a 28% premium to Helen of Troy's Oct. 30 closing share price and a 31% premium to the company's volume-weighted average share price over the prior 30 trading days, according to its own figures. The firm also described the bid as a 16% premium to Helen of Troy's 52-week intraday high of $31.98 as of Oct. 30.
Helen of Troy Points to Its Own Turnaround
Helen of Troy has countered with its own set of numbers. The company's investor presentation reports year-to-date net sales up 4.9%, Q2 fiscal 2027 gross margins up 800 basis points year over year, and net leverage reduced to 3.0x. It also says it cut total debt by $244 million over 18 months, from $917 million at the end of fiscal 2025 to $673 million at the close of the second quarter of fiscal 2027, and raised its fiscal 2027 adjusted earnings-per-share outlook to a range of $3.60 to $4.15.
G. Scott Uzzell became Helen of Troy's CEO in September 2025 and has overseen a three-phase strategic plan unveiled in April aimed at stabilizing operations, concentrating investment on the company's strongest brands and pursuing growth opportunities. Helen of Troy has said that strategy will generate greater long-term shareholder value than Empower Brands' offer. No tender offer for Helen of Troy's shares had commenced as of the company's November investor presentation.
