Mar. 17 at 2:21 PM
Janus Henderson Group shares rose about 2.5% premarket after Victory Capital Holdings submitted an improved acquisition offer.
The revised bid includes
$40 per share in cash plus 0.25 Victory shares per Janus share, giving Janus shareholders about a 31% stake in the combined company. Based on recent prices, the offer values Janus at
$56.84 per share, a 37% premium to its unaffected price and
$1.2 billion in additional consideration versus the prior proposal.
Victory said the deal is fully financed with no contingencies and highlighted strong client retention, addressing prior concerns. CEO David C. Brown said the offer provides upfront cash while allowing investors to participate in long-term upside.
The proposal comes as Janus also evaluates an alternative transaction with Trian Partners, with Victory urging negotiations for what it calls a superior offer.
$JHG $VCTR