Trian Fund Management released a presentation opposing Victory Capital's unsolicited proposal to acquire Janus Henderson Group plc (NYSE: JHG), reaffirming its $49 per share all-cash offer with General Catalyst Group Management.

Trian, which holds a 20.7% ownership position in Janus Henderson as its largest shareholder, stated it sees no realistic path for Victory to close a deal with the asset management company. The firm cited significant execution and closing risks in Victory's proposal and alleged misrepresentations of financing and other facts.

The presentation detailed Trian's concerns that Victory's offer could result in value destruction at Janus Henderson. Trian characterized Victory's proposal as inferior even to Janus Henderson remaining as a standalone public company.

Trian and General Catalyst's transaction is currently expected to close in mid-2026, subject to customary closing conditions. The firms stated their deal provides superior certainty and value for Janus Henderson shareholders with a clear path to closing.

The competing offers represent a battle for control of Janus Henderson, with Trian positioning its all-cash deal as offering more certainty in volatile market conditions. Equity markets have declined since the original deal announcement, according to the presentation.

Trian described Victory as appearing under pressure to complete a transaction given what it characterized as eroding fundamentals at the company.

The information comes from Trian's investor presentation and press release statement regarding the competing acquisition proposals for Janus Henderson.