Helen of Troy said Empower Brands’ unsolicited offer was timed to exploit a low stock price, which has been partly impacted by U.S. tariff policies.

Helen of Troy’s board of directors unanimously rejected an unsolicited acquisition bid from Empower Brands.

Part of the reason for declining the offer is because Helen of Troy says it’s making progress on a multiyear roadmap “to restore momentum and capitalize” under CEO Scott Uzzell, according to a Wednesday press release.

“The Board believes that continuing to execute Helen of Troy’s strategy will create greater long-term value than pursuing Empower Brands’ proposal,” Helen of Troy said in a statement. “The Board remains open to opportunities that are in the best interest of Helen of Troy and its shareholders and will appropriately consider opportunities consistent with its fiduciary duties.”

The consumer brands company — which operates Hydro Flask, Osprey, OXO and more — describes Empower Brands’ proposal as opportunistic, timed “to exploit the dislocation in its stock price” since tariff pressures began due to the Trump Administration’s trade policy changes last year.

Helen of Troy and its board say they “actively engaged” with Empower Brands — whose portfolio includes Black and Decker, Remington and more — in private discussions, but Empower Brands ultimately refused a nondisclosure agreement that would have allowed Helen of Troy to provide additional information.

That agreement would have prohibited Empower Brands from publicly disclosing its interest in the company and its proposal. 6 billion.

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