US asset manager Victory Capital has publicly unveiled an $8.6bn bid for Janus Henderson Group, challenging the previously agreed $7.4bn takeover by Nelson Peltz’s Trian hedge fund and General Catalyst, according to a report by Reuters.
Victory’s offer proposes $30 in cash plus 0.350 of its shares for each Janus Henderson share, valuing the combined entity at $57.04 per share and creating a money manager with over $800bn in assets under management. Analysts note the bid reflects a 12.5x multiple on 2026 earnings, versus Trian’s 11x offer.
The move comes amid accelerating consolidation in the asset management sector, as firms seek scale to attract investor capital. Victory, based in San Antonio, has expanded in recent years through acquisitions, including USAA’s asset management arm in 2019, which sources say has given it confidence to integrate Janus Henderson.
Janus Henderson’s board would need to approve Victory’s proposal as a “superior offer” to allow formal negotiations, though Trian retains a 20.7% stake in the company. Victory’s bid is fully financed with backing from two investment banks, with PJT Partners advising.
Janus Henderson’s shares reacted quickly rising nearly 6% while Victory Capital slipped over 7% following the announcement.
