Core Viewpoint - Janus Henderson Group Inc. will not tender its shares in U-blox Holding AG for Advent's takeover bid of 1.05 billion Swiss francs ($1.3 billion), expressing disappointment over the management's decision to accept the offer without exploring other strategic options [1][2]. Group 1: Shareholder Sentiment - Janus Henderson, a top-10 U-blox shareholder with a 5% stake, believes the fair value of U-blox is approximately double Advent's offer price, based on the company's projected targets for the next few years [2]. - Not all shareholders oppose the deal; Spectrum Entrepreneurial Ownership, backed by billionaire Thomas Schmidheiny, has agreed to tender its stake of about 9% [4]. Group 2: Company Valuation and Future Prospects - Advent's proposed offer of 135 Swiss francs per share is viewed as undervaluing U-blox, particularly regarding its future growth potential in the drone sector within the defense industry [4]. - U-blox has recently divested its loss-making cellular business and is shifting its focus towards automated driving and mobile robotics, indicating a strategic pivot towards higher-growth areas [3].