Key insights
- Trian opposes Victory Capital's revised bid for Janus Henderson, citing concerns about deal closure risks and employee attrition. Trian emphasizes the certainty of its existing take-private deal amidst market volatility. The bidding war highlights consolidation trends in the asset management industry. Modestly bearish signal due to uncertainty and potential disruption.
March 20 (Reuters) - Trian Fund Management on Friday said it has serious concerns about Victory Capital's sweetened offer for Janus Henderson that rivals its own take-private deal with the asset manager.
Janus had previously rejected an $8.6 billion cash-and-stock offer from Victory, saying the bid carried closing risk and was not superior to the existing $7.4 billion all-cash deal with Trian and venture capital firm General Catalyst.
But Victory revised its offer earlier in the week to include a higher cash component. Victory now proposes $40 in cash and 0.25 of its shares for each Janus share. It had earlier offered $30 in cash and 0.35 of its shares.
Trian said on Friday it does not see a clear path for Victory to close a deal with Janus due to risk of employee attrition, while it expects to manage those risks and complete a transaction along with General Catalyst within about three months.
Trian added that its take-private deal offers "certainty of attractive value in a highly volatile macro-economic environment that has seen equity markets decline since deal was signed."
Janus Henderson declined to comment. Victory Capital did not immediately respond to a Reuters request for comment.
The bidding war between Victory and Trian-General Catalyst for the asset manager with $493 billion AUM underscores the consolidation in the industry, with major players looking to scale up to cut costs and stay competitive.
Trian is Janus' largest shareholder with a 20.7% stake. In December, Janus had agreed to a buyout by Trian and General Catalyst after a five-year push by Trian's founding partner Nelson Peltz that began as an activist campaign.
Shares of Janus Henderson, which had gained about 8% in 2026 as of last close, were down about 1% in early trading on Friday.
(Reporting by Pritam Biswas in Bengaluru; Editing by Sahal Muhammed)