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Victory Capital's $40 Bid for Janus Henderson Rejected

3/23/2026

Summary

Story summary

Victory Capital Holdings has proposed acquisition of Janus Henderson Group, offering $40.00 cash per share and 0.250 Victory Capital shares per Janus Henderson share.
The proposal values Janus Henderson at $56.84 per share, a 37% premium to Oct 2025 price.
Trian Fund Management rejected the bid, citing concerns about client consent and attrition risk.
Janus Henderson's board supports a merger with Trian and General Catalyst, which has been approved.

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Story summary

Victory Capital Holdings has proposed acquisition of Janus Henderson Group, offering $40.00 cash per share and 0.250 Victory Capital shares per Janus Henderson share.
The proposal values Janus Henderson at $56.84 per share, a 37% premium to Oct 2025 price.
Trian Fund Management rejected the bid, citing concerns about client consent and attrition risk.
Janus Henderson's board supports a merger with Trian and General Catalyst, which has been approved.