Helen of Troy Stock Rises After Rejecting $37 Bid

Helen of Troy (NASDAQ: HELE) shares were up 3.0% in morning trading on November 5, 2026, after the company confirmed its board had turned down a Helen of Troy buyout offer. The unsolicited proposal from Empower Brands Holdings Group, owned by Spectrum Brands and Oaktree Capital Management, valued the company at $37.00 per share in cash.

What happened with the Helen of Troy buyout offer

The board unanimously rejected the proposal, which was non-binding (an expression of interest, not a firm commitment). The board said the offer "substantially undervalues Helen of Troy" and called it opportunistic, timed to exploit the drop in the share price since Liberation Day, partly caused by tariff disruption. Helen of Troy said it offered Empower Brands a standard non-disclosure agreement so it could review company information, and Empower Brands refused.

To support its standalone case, the company published a five-year outlook: low-to-mid single-digit net sales growth, high-single-digit growth in adjusted EBITDA (profit before interest, tax, depreciation and amortisation, excluding one-off items) and mid-to-high-teens growth in adjusted EPS (earnings per share excluding one-offs). It has cut total debt by about $244 million over 18 months to $673 million and expects to cut a further $92 million by the end of FY27.

Why the stock rose 3.0%

The gain was about one and a half times a typical day's swing for the stock. The public confirmation put a concrete $37.00 cash price from a strategic buyer and a large investment firm on the record. The board also said it "remains open to opportunities that are in the best interest of Helen of Troy and its shareholders", leaving room for further talks. The company noted its shares had already gained 67.5% this fiscal year through November 3, against 10.0% for the S&P 500.

What to watch next

Whether Empower Brands responds to the rejection or revises its $37.00 proposal.
Progress on Phase I of the three-phase plan, due by fiscal year end on February 28, 2027.
Upcoming quarterly results against the raised guidance (the company's own forecast).

FAQ

Is there a tender offer for Helen of Troy shares?

No tender offer had started as of the November 4 filing. If one begins, the company may file a recommendation statement with the U.S. Securities and Exchange Commission.

What brands does Helen of Troy own?

Its portfolio includes OXO, Hydro Flask, Osprey, Vicks, Braun, Honeywell, PUR, Hot Tools, Drybar, Curlsmith, Revlon and Olive & June. BofA Securities and Baker McKenzie are advising the company on the proposal.

Sources

This article is for information only and is not investment advice.