Sard Verbinnen & Co and ICR counsel Helen of Troy as the consumer company wrestles with demands from Sachem Head Capital Management to explore strategic alternatives.
In a Feb. 4 letter to HOT’s board, SHCM says the company’s shares are “materially undervalued” and blasts the board’s “apparent unwillingness to respond to recent inquiries regarding potential strategic combinations.”
SHCM’s Scott Ferguson’s believes HOT is not recognizing the potential of its various products that are marketed under the Vicks, Revlon, OXO, Pert, Braun, Dr. Scholl’s, Honeywell, Duracraft and Vidal Sassoon names.
The owner of 3.7 percent of HOT shares says it had contact with the target’s former CEO Gerald Rubin, who resigned on Jan. 16. Kekst & Co. advises the hedge fund.
HOT, on Feb. 5, responded to SHCM, saying it also believes shares are undervalued and remains confident that its current strategy is the path to greater growth and profitability.
The El Paso-based company reported a 10.6 percent decline in nine-month sales to $75.2M on a 4.3 percent uptick in revenues to $1B.
Edelman handles Viking Holdings, the river and ocean luxury cruise line that plans to raise $1B via an IPO priced in the $21 to $25 per share range.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
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