Helen of Troy Stock Jumps 25% After Rejecting $37 Per Share Empower Brands Proposal

Helen of Troy Ltd (Nasdaq: HELE) shares rose 25.4% on Wednesday, Nov. 4, 2026, closing at $37.04 against a previous close of $29.54. The S&P 500 ETF (SPY) rose 1.65% that session. The move followed the company's disclosure that its board had rejected an unsolicited proposal to buy it for $37.00 per share in cash.

The proposal came from Empower Brands Holdings Group, LLC, which is owned by Spectrum Brands Holdings, Inc. and Oaktree Capital Management. In an 8-K accepted at 12:51 p.m. ET, the company furnished a press release confirming the rejection, an employee letter and an investor presentation. The company said its board unanimously determined that the proposal substantially undervalues Helen of Troy and is not in the best interest of shareholders.

Price offer sits close to the prior close

The $37.00 offer compares with the $37.04 close, which was about 25% above the $29.54 previous close. Helen of Troy said Empower Brands refused to sign a non-disclosure agreement that would have let it receive more information, which the company described as a sign of a lack of diligence.

Company points to its standalone plan

The press release said the company raised its fiscal 2027 outlook, reported strong second-quarter results and expects to cut total debt by a further $92 million by the end of FY27. It also projected mid-to-high-teens adjusted EPS growth over five years. The company said its stock had risen 67.5% fiscal year-to-date through Nov. 3, compared with 10.0% for the S&P 500.

Filing gives no detail on bidder financing

The filings do not describe how Empower Brands would finance the offer, and the company did not say whether it would engage further with the bidder. BofA Securities is financial adviser to Helen of Troy, and Baker McKenzie LLP is legal adviser.