---
schema_version: "secwatch.filing_event.v1"
accession: "0000950103-26-016905"
form_type: "8-K"
ticker: "SPB"
cik: "0000109177"
company_name: "Spectrum Brands Holdings, Inc."
filed_at: "2026-11-04T12:40:30+00:00"
generated_at: "2026-11-04T12:45:04.253273+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.78
calibrated_materiality_score: 0.78
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- $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.

## SEC filing metadata
- accession: 0000950103-26-016905
- form_type: 8-K
- ticker: SPB
- cik: 0000109177
- company_name: Spectrum Brands Holdings, Inc.
- filed_at: 2026-11-04T12:40:30+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.78
- calibrated_materiality_score: 0.78
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/109177/000095010326016905/0000950103-26-016905-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/109177/000095010326016905/dp256289_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950103-26-016905
- JSON: https://secwatch.observer/filing/0000950103-26-016905.json
- Plain text: https://secwatch.observer/filing/0000950103-26-016905.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.