Empower Brands has proposed acquiring consumer-products company Helen of Troy in an all-cash deal valuing it at about $1.6 billion.
According to Sina Finance, Empower Brands said its latest offer, submitted on October 12, was $37 per share, up from its $34-per-share proposal in August. The company said it had repeatedly tried to discuss a potential deal privately with Helen of Troy's board, but that the board had not engaged in substantive discussions.
David Maura, Spectrum Brands' CEO and Empower Brands' chairman, said Helen of Troy was trying to block the acquisition process by demanding an agreement with overly restrictive terms that would prevent Empower Brands from disclosing its offer to Helen of Troy shareholders. Helen of Troy had not responded to a request for comment.
Empower Brands said combining the companies' brands in appliances, personal care and other categories would give Helen of Troy greater scale and financial strength, making it more competitive in the consumer-products industry. Empower Brands has the Remington shaving and hair-care tools brand and the Black+Decker appliance brand. Helen of Troy's portfolio includes home and outdoor brands such as Hydro Flask, and beauty and health brands including Revlon, Bed Head and Vicks.
Empower Brands is a subsidiary of Spectrum Brands and is jointly owned by Spectrum Brands Holding Company and funds managed by Oaktree Capital Management.