Victory Capital swoops in with counterbid for Janus Henderson

By Steve Goldstein

San Antonio-based Victory Capital says it's made a competing bid for Janus Henderson.

Victory Capital says it's mounted a bid for mutual-fund manager Janus Henderson that's 16% higher than the already accepted $7.4 billion bid from Trian Fund Management.

Victory Capital (VCTR) says its cash-and-stock offer of $57.04 per share is greater than the $49 per share bid from Trian - a bid entirely in cash and one on par with the premium offered by Nuveen for Schroders.

Janus Henderson shares (JHG) rose 7% to $53.49 in premarket trade.

"As benefits around synergies and growth are realized and the Victory trading multiple appropriately reflects the pro forma company's future prospects, Janus Henderson shareholders will share in the meaningful long-term value creation," Victory said.

Victory said it had put forward three proposals for Janus Henderson in November and December, but that the London-based firm didn't engage in any "meaningful dialogue."

San Antonio-based Victory Capital is a boutique with several brands, including NewBridge Asset Management, Pioneer Investments and Sycamore Capital.

Victory said last year's acquisition of Pioneer from Amundi is an example of its stewardship, having experienced organic growth and being net flow positive since the transaction closed. It also emphasized that its offer for Janus Henderson is fully financed with cash on hand and agreed on financing.

Trian, led by Nelson Peltz, and General Catalyst, agreed to buy Janus in December. Trian already holds 21% of Janus.

Messages left with Janus and Trian weren't immediately returned.

-Steve Goldstein

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02-26-26 0812ET