Empower Brands (Spectrum/Oaktree JV) bids $37/share cash for Helen of Troy, ~$1.6B EV

Spectrum Brands Holdings, Inc.

• $37.00/share all-cash, implied enterprise value ~$1.6B; 28% premium to HELE's Oct 30, 2026 close, 31% to 30-day VWAP, 16% above 52-week high of $31.98.
• Empower affiliate already owns ~4.5% of HELE; initial $34.00 proposal sent Aug 19, 2026 was rejected Sept 3; price raised to $37.00 on Oct 12.
• Combined platform would have ~$2.9B in LTM revenue; no financing contingency, Empower debt non-recourse to SPB; ~45-day diligence targeted.
• Empower cites HELE's 87% five-year share decline, FY26 organic sales -12.2%, adjusted operating income -41.1%, $886M impairments, three CEOs in three years.
• Empower says HELE sought confidentiality terms barring public disclosure; UBS and Davis Polk advise Empower, Bank of America advises Helen of Troy.