Helen of Troy rejects a $37 cash bid from Spectrum and Oaktree, and the stock jumps 25% to $37.04

Helen of Troy, the company behind OXO kitchen tools, Hydro Flask, Osprey packs and Braun, said Wednesday that its board has unanimously rejected an unsolicited, non-binding offer of $37.00 a share in cash from Empower Brands, the home and personal care business owned by Spectrum Brands and Oaktree Capital Management. The board said the proposal "substantially undervalues" the company. The Wall Street Journal reported the bid at about $1.6 billion.

The stock did not wait for the next round. Per Nasdaq, Helen of Troy closed at $37.04, up $7.50 or 25.4% from $29.54 on Tuesday, on volume of about 2.9 million shares against a listed average near 467,000. After hours it traded at $36.98.

The number behind the number: the market is pricing a higher bid

A stock that closes at the offer price is saying the deal is done. A stock that closes at the offer price after the board refused it is saying something else: traders expect the price to go up, or a rival to appear. Our arithmetic: $37.04 is 0.1% above the bid. The $37 offer was only a 25.3% premium to Tuesday's close, not the 28% Empower Brands advertised, because its figure is measured against the October 30 close, before the stock climbed.

What each side says

Helen of Troy's case rests on a turnaround under CEO G. Scott Uzzell, who joined in September 2025. It says the stock is up 67.5% since the start of its fiscal year (through Nov. 3) against 10.0% for the S&P 500, that second-quarter results were strong with guidance raised, and that total debt is down about $244 million over 18 months to $673 million. It calls the bid "opportunistic," timed to the stock's slump after the April 2025 tariff announcements, and says Empower Brands refused a standard nondisclosure agreement that would have opened the books.

Empower Brands, in its own Form 8-K release, says Helen of Troy's shares are down 87% over five years, that revenue and adjusted EBITDA fell 19% and 51% over four fiscal years, that the company took $886 million of impairment charges in fiscal 2026, and that the shares fell on earnings in 11 of the last 18 quarters. It says it would consider an improved proposal and calls the nondisclosure terms "overly restrictive." These are each side's claims, and neither has been tested by a negotiation.

Who it matters to

Holders of the stock now sit at a price the bidder set. A holder since the October 30 close of $28.89 is up about 28%, per Yahoo Finance data. For the suppliers and retailers that carry OXO, Hydro Flask and Osprey, a combination would put those brands next to Spectrum's home and personal care lines, which Empower Brands says would make about $2.9 billion in annual revenue. It has not said what it would cut.

What to watch

• Whether Empower Brands raises the bid or takes it directly to shareholders, as its release hints.
• Whether a third party appears. Helen of Troy said the board "remains open to opportunities" consistent with its duties.
• Whether the stock holds at or above $37. A close well below it would suggest traders think the offer will lapse.

Sources: Helen of Troy press release (Exhibit 99.1 to 8-K, SEC EDGAR); Helen of Troy filings on SEC EDGAR; Spectrum Brands 8-K and Empower Brands announcement filed Nov. 4, 2026; Nasdaq quote data; Yahoo Finance daily closes; the Wall Street Journal for the $1.6 billion headline figure. Some data may be delayed. This is market information, not investment advice.