Victory Capital returned with a revised proposal on Tuesday aimed at displacing the currently agreed-upon take-private transaction for Janus Henderson. The San Antonio-based asset manager increased the cash portion of its previous cash-and-stock offer in the renewed bid.
Under the updated terms, Victory is proposing $40 in cash plus 0.25 of its shares for each share of Janus Henderson. That represents a change from its earlier offering of $30 in cash and 0.35 of its shares per Janus share. Janus Henderson rejected the first proposal, saying the $8.6 billion cash-and-stock offer was not superior to the existing transaction.
Janus Henderson had already disclosed in December that it had entered into an agreement to be taken private in a $7.4 billion all-cash deal led by Trian and venture capital firm General Catalyst. That agreement followed a five-year push by Nelson Peltz that began as an activist campaign and ultimately culminated in the Trian-led buyout proposal.
The revised Victory offer reflects a higher immediate cash payment in exchange for a reduced share component compared with its earlier bid. Victory's renewed approach underscores an effort to persuade Janus Henderson's board and shareholders that its package presents a preferable alternative to the Trian-General Catalyst transaction.
Separately, commentary in the original reporting referenced an AI-driven stock evaluation tool that assesses Janus Henderson (JHG) using more than 100 financial metrics, noting that the tool tracks fundamentals, momentum, and valuation across thousands of companies. The note cited prior stock ideas identified by the tool, including Super Micro Computer and AppLovin, with stated historical returns for illustrative purposes.
The immediate outcome remains unresolved: Janus Henderson previously judged Victory's initial proposal to be inferior to the Trian-led bid, and Victory has now modified its offer to increase cash consideration in a renewed challenge.
Summary
Victory Capital has raised the cash element in a revised takeover proposal for Janus Henderson, offering $40 in cash plus 0.25 Victory shares per Janus share after an earlier, larger stock component offer was rejected. Janus had earlier agreed to a $7.4 billion cash buyout by Trian and General Catalyst following a prolonged push by Nelson Peltz.