Helen of Troy Limited announced its Board of Directors has unanimously rejected an unsolicited, non-binding proposal from Empower Brands Holdings Group, LLC to acquire the company for $37.00 per share in cash. The Board concluded that the proposal substantially undervalues the company and its future growth prospects.
Key Details
- The Offer: The unsolicited cash offer of $37.00 per share was made by Empower Brands Holdings Group, LLC, which is owned by Spectrum Brands Holdings, Inc. and Oaktree Capital Management.
- Board's Rationale: The Board determined the proposal was opportunistic and not in the best interest of shareholders, expressing confidence that its own multi-year strategic plan will deliver superior long-term value.
- Company Stance: Helen of Troy stated it had engaged with Empower Brands and offered a non-disclosure agreement to provide information, but the offer was refused by the potential acquirer. The Board remains open to opportunities that enhance shareholder value.