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Empower Brands Issues Open Letter to Helen of Troy Shareholders

SPBHELE
  • Empower Brands Holdings Group, LLC (jointly owned by Spectrum Brands & Oaktree Capital Management) issued an open letter to Helen of Troy shareholders regarding its $37.00 per share all-cash acquisition proposal.
  • The proposed transaction values Helen of Troy at approximately $1.6 billion in enterprise value.
  • An affiliate of Empower Brands currently holds 1,049,356 shares, representing approximately 4.5% of Helen of Troy's outstanding stock.
  • Empower Brands states the Helen of Troy Board rejected its offer on November 4, 2026, without substantive engagement, continuing a pattern of refusing to discuss previous constructive proposals.
  • Empower Brands argues that Helen of Troy's three strategic resets in ten years have failed to deliver promised improvements, citing the 2023 "Elevate for Growth" strategy which projected share prices of $228 to $398 but resulted in significant value erosion.
  • The acquirer contends that Helen of Troy's current size, leverage, & balance sheet constraints limit its ability to invest in innovation & growth amidst inflation, soft demand, & intense competition.
  • Empower Brands offered a prior merger proposal in March 2025 when shares traded near $50, but claims the company deteriorated due to a lack of engagement & an unrealistic outlook.
  • Empower Brands expressed willingness to engage in dialogue for an improved proposal & provided a focused information request list that excludes commercially sensitive data.
  • The acquirer stated it would sign a non-disclosure agreement but refuses to enter into any standstill agreement.
  • Empower Brands estimates it can complete due diligence & finalize a merger agreement within 45 days without financing contingencies.
  • The company anticipates no impediments to obtaining shareholder approval or regulatory clearances for the transaction.