Janus Henderson Rejects Victory Capital $8.6 Billion Bid

Janus Henderson Group plc announced on Wednesday that its board of directors has rejected a takeover proposal from Victory Capital Holdings, Inc.. The board determined that the offer was not superior to a previously agreed-upon take-private deal with Trian Fund Management and General Catalyst. San Antonio-based Victory Capital had recently gone public with an $8.6 billion offer for the asset manager, increasing pressure on the company following its $7.4 billion buyout agreement with Nelson Peltz’s Trian and General Catalyst. Despite the higher price, the board identified significant risks that made the new proposal less attractive. The company provided the following statement regarding the rejection: > Janus Henderson said Victory's latest proposal is not actionable because it presents significant closing risk and uncertain value.