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February 5, 2014
08:01 EDTHELEHelen of Troy says 'confident' in strategy, shares undervalued
Helen of Troy Limited issued the following statement in response to a letter it received from Sachem Head Capital Management LP on February 4: “Helen of Troy has a history of engaging in regular discussions with its shareholders and is open to constructive input and feedback. Consistent with this effort, over the past several months, the Company has had a series of discussions with Sachem Head to understand their views. While Helen of Troy’s share price recently reached an all-time high, the Company continues to believe that its shares are undervalued. The Board of Directors remains confident in its current strategy to deliver significant shareholder value, and has taken a series of actions designed to position the Company for greater growth and profitability, including the implementation of our CEO succession plan and a significant reduction in executive compensation. The Board will continue to evaluate additional opportunities to enhance long-term value for shareholders, including the potential return of capital, when compared to its current strategy.”
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