Trian Fund Management and General Catalyst have amended their agreement to acquire Janus Henderson Group plc (NYSE: JHG) by increasing the offer price to $52.00 per share in cash, up from the previous $49.00 per share, according to a company statement.

The revised agreement represents a 25% premium to Janus Henderson's unaffected closing price of $41.63 on October 24, 2025, the last trading day before the initial proposal was announced. If regulatory approvals delay the transaction beyond June 30, 2026, Janus Henderson shareholders would receive a $1.00 per share quarterly dividend until closing.

Janus Henderson's Special Committee unanimously determined that a competing proposal from Victory Capital Holdings Inc. (NASDAQ: VCTR) received on March 17, 2026, is not actionable and not in the best interests of shareholders. The committee cited concerns about Victory's ability to obtain required client consents and shareholder approvals.

Key clients representing 52% of revenue run-rate and 55% of assets under management have expressed reservations about maintaining relationships with Janus Henderson if acquired by Victory, according to the statement. Investment staff overseeing more than 90% of run-rate revenue signed letters expressing concerns about a Victory transaction, with staff responsible for over one-third of revenue threatening to resign if such a deal proceeds.

The transaction with Trian and General Catalyst remains on track to close by mid-2026, with Janus Henderson's shareholder meeting scheduled for April 16, 2026. The company's board recommends shareholders vote in favor of the merger agreement.

As of December 31, 2025, Janus Henderson managed approximately $493 billion in assets under management and employed more than 2,000 people across 25 cities worldwide.