Filing Flows › Spectrum Brands Holdings (SPB) › Takeover & LBO
Is Spectrum Brands Holdings (SPB) a takeover target?
A leveraged buyout at today's price plus 30% ($108.47 a share) would return about 1% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $68.32 a share (−18% against today's $83.44). Historically 3.7% of companies with its figures were bought within a year (0.74× the average). Latest signal (2026-11-05): Helen of Troy Rejects Takeover Bid From Spectrum Brands, Oaktree Capital.
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $108.47 | today's $83.44 plus 30% |
| × shares | 23.1 million | |
| = Equity value | $2.5B | |
| + Debt refinanced | $496M | |
| − Cash | $259M | |
| = Enterprise value | $2.7B | 12.8× EBITDA of $215M |
| Fees | $54.9M | 2% of the price |
| New debt | $1.2B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $1.6B | 58% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $2.9B | $216M | $90.3M | $79.8M | $1.1B |
| Year 2 | $2.9B | $219M | $84.2M | $85.8M | $1.0B |
| Year 3 | $3.0B | $224M | $77.6M | $93.0M | $922M |
| Year 4 | $3.1B | $229M | $70.5M | $102M | $820M |
| Year 5 | $3.2B | $236M | $62.7M | $112M | $708M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 10.1× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $2.4B | |
| − Debt left | $708M | |
| = Buyer's equity | $1.7B | |
| Money multiple | 1.03× | on $1.6B put in |
| Buyer's yearly return (IRR) | 0.7% |
Price against return
What the buyer makes at other premiums over today's $83.44; the IRR reaches 20% at $68.32 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $91.78 | 6.4% |
| 20% | $100.13 | 3.3% |
| 30% | $108.47 | 0.7% |
| 40% | $116.82 | −1.6% |
| 50% | $125.16 | −3.6% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $2.9B | |
| EBITDA, last 12 months | $215M | 7.5% of revenue |
| Depreciation and amortization | $98.7M | |
| Capital spending | $40.4M | |
| Debt | $496M | |
| Cash | $259M | |
| Share price | $83.44 | on Oct 30, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 0.8% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 12% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Spectrum Brands Holdings would cost about $108.47 a share, $2.5B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 12% | $93.45 | $2.2B |
| Median | 30% | $108.47 | $2.5B |
| High end (a quarter paid more) | 31% | $109.31 | $2.5B |
The odds, from history
Historically 3.7% of companies with its figures were bought within a year (0.74× the average). Its figures put it in decile 3 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Rumors and deal signals
- 2026-11-05 · news · Helen of Troy Rejects Takeover Bid From Spectrum Brands, Oaktree Capital
- 2026-11-04 · news · Helen of Troy rejects $37-per-share takeover bid from Spectrum Brands
- 2026-11-04 · news · Helen of Troy Confirms Rejection of Unsolicited, Non-Binding Proposal from Spectrum Brands and Oaktree Capital Management
- 2026-11-04 · 8-K · EMPOWER BRANDS ANNOUNCES PROPOSAL TO ACQUIRE HELEN OF TROY LTD. FOR $37.00 PER SHARE IN CASH
Spectrum Brands Holdings' latest quarter
Spectrum Brands Holdings, Q3 FY26: revenue $753M (+8% year over year), operating margin 2.1%, net loss $21.5M, operating cash flow $83.3M. The chart follows the revenue to costs, profit and cash.
Questions
Is Spectrum Brands Holdings being acquired?
The latest signal on file is from 2026-11-05: Helen of Troy Rejects Takeover Bid From Spectrum Brands, Oaktree Capital. A headline is not a deal; Filing Flows lists the news, 8-K filings and 13D filings about a sale.
Could private equity buy Spectrum Brands Holdings?
A leveraged buyout at today's price plus 30% ($108.47 a share) would return about 1% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $68.32 a share (−18% against today's $83.44).
What would a takeover of Spectrum Brands Holdings cost?
Takeovers in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Spectrum Brands Holdings would cost about $108.47 a share, $2.5B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.