Empower Brands goes public with $1.6B unsolicited bid for Helen of Troy

Empower Brands, a Spectrum Brands and Oaktree Capital joint venture, made a non-binding, all-cash proposal of $37 per share for Helen of Troy, owner of Hydro Flask, Osprey and OXO. The offer implies an enterprise value of about $1.6 billion. An Empower affiliate already owns about 4.5% of the shares, and the bidder accuses Helen of Troy's board of blocking talks.

Why it matters: After private approaches since July went nowhere, Empower is taking its case straight to shareholders, setting up a potential contest over a well-known consumer brands portfolio.