Empower, owned by Spectrum Brands and Oaktree Capital Management, first offered $34 a share in August and raised its proposal to $37 in October.

In an open letter Thursday morning, Empower said Helen of Troy had carried out unsuccessful strategic resets and asked to discuss a transaction with the company’s board. Helen of Troy replied that evening, pointing to a refreshed board and the appointment of a new chief executive. The company said those changes had delivered results, citing its recently raised outlook for fiscal 2027.