Bermuda-domiciled consumer products company Helen of Troy has rejected an unsolicited $37-a-share cash takeover proposal from Empower Brands, saying the offer substantially undervalues the business.

The board unanimously rejected the non-binding approach from Empower, which is owned by Spectrum Brands and Oaktree Capital Management.

Helen of Troy’s portfolio includes Oxo, Hydro Flask, Osprey and Braun, said its strategic plan offered shareholders greater long-term value.

The company, whose operational headquarters are in El Paso, Texas, said it had delivered strong second-quarter results, raised its guidance and reduced total debt by approximately $244 million over 18 months to $673 million. It expects further debt reduction of about $92 million by the end of its 2027 financial year.

Under chief executive G. Scott Uzzell, the company is pursuing a turnaround focused on priority brands, international expansion, innovation and operational improvements.

It plans to reinvest between $66.5 million and $70.5 million in tariff refunds to stimulate consumer demand and strengthen capabilities.

Helen of Troy described Empower’s proposal as opportunistic, saying it sought to exploit tariff-related disruption to its share price.

The company said Empower declined an offer to sign a customary confidentiality agreement allowing access to information. The board said it remained open to opportunities in the best interests of shareholders.