October 19 2022

Amended article. The initial article failed to account for the termination fee in valuing SPB’s downside at about $29. Assuming a high-single-digit tax rate on that fee, the correct valuation should be roughly $37.

October 10 2022

Amended article. The termination date for the deal between Spectrum Brands and Assa Abloy was amended from 8 December 2022 to 30 June 2023 as per this SEC filing.