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Hydro Flask, Osprey owner receives acquisition proposal valued at $1.6B

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Hydro Flask, Osprey owner receives acquisition proposal valued at $1.6B

Empower Brands made an unsolicited offer to purchase all outstanding common stock at $37 per share, alleging Helen of Troy’s board destroyed shareholder value.

Empower Brands presented a non-binding proposal to Helen of Troy’s board of directors to acquire all outstanding common equity for $37 per share after not reaching an agreement privately. That would put Helen of Troy — which operates brands such as Hydro Flask, Osprey and OXO — at an implied enterprise value of about $1.6 billion.

An affiliate of Empower Brands already owns about 4.5% of the company’s outstanding shares, according to a Wednesday press release. Empower Brands is a joint venture by Spectrum Brands and Oaktree Capital Management. Its portfolio includes Black+Decker, Remington and more.

Helen of Troy did not immediately respond to Retail Dive’s request for comment on the proposal.

“We believe our all-cash proposal offers Helen of Troy’s shareholders compelling and certain value at an attractive premium,” David Maura, chairman and CEO of Spectrum Brands, and chairman of Empower Brands, said in a statement. “Rather than substantively engaging with us about a transaction, Helen of Troy has attempted to halt any process by requiring us to enter into an overly restrictive agreement that would limit our ability to communicate our offer to the Helen of Troy shareholders. We remain willing to enter into a constructive dialogue that could potentially support an improved Proposal and lead to consummating a friendly transaction.”

The jointly-owned consumer products group believes a combination with Helen of Troy’s portfolio would be complementary and improve operational efficiency.


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