Empower Brands Announces Proposal to Acquire Helen of Troy Ltd. for $37.00 Per Share in Cash

David Maura, Chairman and Chief Executive Officer of Spectrum Brands; Chairman of Empower Brands

“We believe our all-cash proposal offers Helen of Troy’s shareholders compelling and certain value at an attractive premium. As Helen of Troy is currently comprised, it does not have the scale or the financial ability to acquire or achieve the scale to compete in a landscape that we know well. This transaction maximizes value for the Company's shareholders and provides certainty of closing.”

David Maura, Chairman and Chief Executive Officer of Spectrum Brands; Chairman of Empower Brands

“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. It is surprising to us that their Board does not view substantive engagement as required by its fiduciary duties to shareholders. We are confident in our ability to bring these two businesses together to deliver significant value to all stakeholders.”