Victory Capital pulls Janus Henderson bid after rival hike

Victory Capital Holdings, Inc. has officially withdrawn its proposal to acquire Janus Henderson Group plc, according to a statement released on Tuesday. The decision follows a competitive bidding process that saw Nelson Peltz’s Trian Fund Management and General Catalyst raise their offer for the asset manager.

The contest for Janus Henderson had intensified recently, with Victory Capital maintaining that its bid was superior despite the target company expressing a preference for the rival offer. Victory Capital had previously signaled that it would only pursue the acquisition if the terms were mutually agreed upon by both parties.