Victory Capital has withdrawn its bid to acquire Janus Henderson Group, citing a longstanding position that any transaction would require full support from Janus Henderson’s Special Committee and be reached through mutual agreement. Last month, Victory Capital approached the special committee of Janus Henderson Group’s board with a buyout offer, in a challenge to a pending deal with Trian Fund Management. “While the Company is disappointed with the process run by the Special Committee, its admiration fo ...

(Bloomberg Opinion) -- Nelson Peltz has blinked, sweetening his bid for Janus Henderson Group Plc to a “best and final” $8 billion. The billionaire activist investor can be pushed around a little bit. That may have to suffice for Janus’ shareholders as the path to a better price from here has narrowed.There was no strict need for Peltz’s Trian Fund Management LP to lift its bid for the London-based asset manager to $52 from $49 per share. Trian and Janus had a firm deal. Janus had argued that a higher cash- ...

Group 1 - Victory Capital has responded to criticism from Nelson Peltz's Trian regarding its $8.6 billion proposal for Janus Henderson, accusing Trian of spreading misinformation [1][2] - Victory Capital claims that recent reports about Janus' employees and clients' views on the deal are attempts to create uncertainty about its ability to complete the transaction [2] - Trian, which holds a 20.7% stake in Janus, has raised concerns about Victory's enhanced offer, which competes with its own take-private proposal [2]

Victory Capital Sets the Record Straight on Actionability of Its Clearly Superior Proposal to Acquire Janus Henderson Mar 23, 2026 6:30 AM Eastern Daylight Time Victory Capital Sets the Record Straight on Actionability of Its Clearly Superior Proposal to Acquire Janus Henderson Share Trian's Efforts to Blanket Market with Misinformation Should Not Deny Janus Henderson Shareholders a Superior and Compelling Opportunity Victory Capital's Exceptional Financial Performance Underscores Strong Fundamentals and Re ...

Victory Capital Submits Improved, Actionable and Clearly Superior Proposal to Acquire Janus Henderson Mar 17, 2026 7:08 AM Eastern Daylight Time Victory Capital Submits Improved, Actionable and Clearly Superior Proposal to Acquire Janus Henderson Share Enhanced Financial Terms Provide Higher Value and Greater Certainty for Janus Henderson Shareholders; Materially Exceeds Value of Trian's Contemplated Transaction Gives Special Committee Another Opportunity to Consider Improved, Superior Proposal from Indepen ...

Share Enhanced Financial Terms Provide Higher Value and Greater Certainty for Janus Henderson Shareholders; Materially Exceeds Value of Trian's Contemplated Transaction Victory Capital Submits Improved, Actionable and Clearly Superior Proposal to Acquire Janus Henderson Mar 17, 2026 7:08 AM Eastern Daylight Time Victory Capital Submits Improved, Actionable and Clearly Superior Proposal to Acquire Janus Henderson Gives Special Committee Another Opportunity to Consider Improved, Superior Proposal from Indepen ...

Core Viewpoint - Victory Capital Holdings, Inc. reported a Total Client Assets of $327.1 billion as of February 28, 2026, reflecting a growth in assets under management and other assets compared to the previous month [1]. Summary by Category Total Assets - Total Assets Under Management (AUM) reached $324.0 billion, with Other Assets amounting to $3.1 billion, leading to Total Client Assets of $327.1 billion as of February 28, 2026 [1]. - Average Total AUM for February was $322.6 billion, with average Other Assets at $3.0 billion and average Total Client Assets at $325.6 billion [1]. Breakdown by Asset Class - Solutions: $96,113 million (up from $94,075 million) - Fixed Income: $80,827 million (up from $80,429 million) - U.S. Mid Cap Equity: $31,411 million (up from $30,863 million) - U.S. Small Cap Equity: $11,453 million (down from $11,416 million) - U.S. Large Cap Equity: $63,359 million (down from $64,340 million) - Global / Non-U.S. Equity: $34,176 million (up from $32,441 million) - Alternative Investments: $2,928 million (up from $2,868 million) [1]. Breakdown by Vehicle - Mutual Funds: $176,203 million (up from $175,017 million) - Separate Accounts and Other Pooled Vehicles: $131,091 million (up from $129,213 million) - ETFs: $516,725 million (up from $515,976 million) [1]. Breakdown by Region - U.S.: $269,771 million (up from $266,847 million) - Non-U.S.: $57,332 million (up from $56,334 million) [1]. Company Overview - Victory Capital is a diversified global asset management firm with a focus on providing specialized investment strategies across traditional and alternative asset classes, serving institutional, intermediary, and individual clients [1].

Group 1 - Victory Capital is fully committed to pursuing a compelling transaction, indicating a strong strategic focus on growth opportunities [1] - The company continues to explore potential acquisitions or partnerships that align with its long-term objectives [1] - Victory Capital's proactive approach suggests confidence in its market position and future prospects [1]

Core Viewpoint - Victory Capital Holdings, Inc. has made a fully financed proposal to acquire Janus Henderson Group plc, intensifying takeover pressure after Janus Henderson's agreement with Trian Fund Management and General Catalyst for an all-cash transaction at $49 per share [1]. Proposal Details - Victory Capital's proposal offers Janus Henderson shareholders a total consideration of $57.04 per share, which includes $30.00 in cash and a fixed exchange ratio of 0.350 Victory Capital shares, representing a 37% premium to Janus Henderson's unaffected closing price as of October 24, 2025, and approximately a 16% premium to the Trian transaction [3][11]. - The proposed structure would result in Janus Henderson shareholders owning roughly 38% of the combined entity, which would have an implied enterprise value of about $16 billion and manage over $800 billion in assets under management (AUM) [4]. Financial Structure - The transaction will be funded using cash on hand and committed debt financing, with no financing conditions attached. The expected gross leverage for the combined entity is projected to be 3.5 times the projected 2025 EBITDA before synergies and 2.6 times after factoring in expected cost savings, which is favorable compared to the nearly 4.6 times leverage anticipated under the Trian-led transaction [5]. - The offer includes no financing contingencies and provides full specific performance protection to Janus Henderson in case of financing failure, along with a reduced 3% termination fee [6]. Strategic Implications - The acquisition aims to create a scaled and diversified global asset management platform, enhancing investment capabilities across asset classes, broadening distribution reach, and improving operating leverage [8]. - Victory Capital anticipates approximately $500 million in cost synergies from the transaction, primarily through infrastructure rationalization, vendor consolidation, and operational efficiencies, along with incremental revenue opportunities through cross-selling and enhanced global distribution [9]. Historical Context - Victory Capital has a history of growth through disciplined acquisitions and strategic partnerships, including a recent partnership with Amundi in 2025 and the acquisition of USAA Asset Management Company in 2019 [10]. - The proposed acquisition of Janus Henderson Group aligns with Victory Capital's strategy of expanding its investment platform while allowing individual brands to operate independently [11][12].

Core Viewpoint - Victory Capital Holdings, Inc. (NASDAQ:VCTR) has made a fully financed offer to acquire Janus Henderson for $30 per share in cash and stock, which could generate up to $500 million in synergies through operational efficiencies [2][4]. Group 1: Acquisition Details - The acquisition proposal includes Janus shareholders owning 38% of the new entity post-deal [2]. - Victory Capital has sent a letter to Janus detailing a "fully financed, actionable proposal" for the acquisition [2]. Group 2: Financial Performance and Projections - Victory Capital has closed its acquisition of the Amundi US business, now managing over $300 billion in assets [3]. - Positive net flows were reported for the acquired business in 2024 and year-to-date 2025, indicating potential for increased asset flows through cross-selling opportunities [3]. - Management has raised their cost synergy target to $110 million, with a history of exceeding guidance [3]. - The company is projected to achieve at least $7.00 per share in free cash flow next year, positioning it at about 9 times earnings, which is considered a discount compared to peers [3].