Victory Capital has revised its $8.6 billion takeover bid for Janus Henderson, increasing the cash component as it seeks to challenge an existing $7.4 billion take-private agreement backed by Trian and General Catalyst, according to a Reuters report.
The updated proposal offers $40 in cash and 0.25 Victory Capital shares for each Janus Henderson share, a shift from its earlier bid of $30 in cash and 0.35 Victory Capital shares. The increased cash portion is aimed at providing greater certainty to shareholders as Victory attempts to position its offer as more attractive than the rival buyout.
Janus Henderson had previously rejected Victory’s initial proposal, citing concerns around execution risk and stating that it was not superior to the agreed deal with Trian and General Catalyst. The firm’s special committee is now reviewing the revised offer, but continues to recommend that shareholders approve the existing transaction at an upcoming meeting.
The bidding contest reflects broader consolidation trends across the asset management industry, where firms are pursuing greater scale and global reach to attract investor capital. Janus Henderson oversees approximately $493 billion in assets, making it a significant target in the sector.
Victory Capital has emphasized its track record in acquisitions as it pushes back against concerns raised by Janus, including risks related to securing required client consent and potential employee attrition. The firm said it is confident of achieving the 75% client approval threshold, citing prior deals in which consent levels exceeded 95%.
The competing bids underscore the continued influence of private equity in shaping outcomes across the asset management landscape, with both strategic buyers and financial sponsors seeking to capitalize on industry consolidation.
