EL PASO, Texas (BRAIN) — Osprey and Hydro Flask’s parent company, Helen of Troy, announced Wednesday that its board had unanimously rejected Empower Brands Holdings Group's unsolicited purchase offer
Helen of Troy said Empower Brands, owned by Spectrum Brands Holdings Inc., offered $37 per share in cash. On Oct. 20, the board of directors said the offer "substantially undervalues Helen of Troy."
"Empower Brands' unsolicited proposal is opportunistic and deprives shareholders of intrinsic value," according to Helen of Troy, which added, "The board remains open to all credible opportunities that enhance shareholder value."
In rejecting the offer, Helen of Troy said its "refreshed" leadership team's new three-phase plan has raised net sales. For the quarter ending Aug. 31, the company reported a 2.1% year-over-year gain, led by a surge in travel and lifestyle pack demand. The result included pre-tax tariff refunds of $26.9 million, of which about $23 million was reinvested in the quarter.
Less than a year into the plan, the company said year-to-date net sales are up 4.9%, with the fiscal year 2027 outlook raised.
Among the elements of the three-phase plan include stabilizing performance by February, investing in "highest potential opportunities and expanding into attractive adjacencies" within two to three years, and strengthening the Osprey, Braun, OXO, and Olive and June brands within four-plus years.
Last year, G. Scott Uzzell was named CEO with interim CEO Brian Grass returning to his role as CFO. Uzzell replaced Noel Geoffroy, who resigned earlier in 2025.
