Helen of Troy Shares Jump 24% After $37-a-Share Takeover Offer

Helen of Troy shares rose 24% Wednesday after Empower Brands, a Spectrum Brands business co-owned by Oaktree Capital, made a nonbinding offer of $37 per share, implying an enterprise value of $1.6 billion.

The proposal represents a 28% premium to Helen of Troy's Oct. 30 closing share price. Spectrum Brands shares gained 7.8% Wednesday.

Helen of Troy's board unanimously said the offer substantially undervalues the company and is not in shareholders' best interests.

Spectrum Brands has argued that Helen of Troy lacks the scale and financial capacity to compete. It says a deal would maximize shareholder value and provide certainty of closing.