Victory Capital Ups Rival Bid Amid Deal Battle

Victory Capital submitted a revised offer for Janus Henderson on March 17, 2026. This latest proposal aims to challenge the asset manager's agreement to be taken private by Nelson Peltz's Trian and General Catalyst. Victory Capital has increased the cash portion of its offer, now proposing $40 in cash and 0.25 of its own shares for each Janus share. This follows Janus Henderson's rejection of Victory Capital's earlier $8.6 billion cash-and-stock offer, which the company stated was not superior to the Trian-led deal.

Earlier in December, Janus Henderson had agreed to a $7.4 billion all-cash buyout. This agreement came after a five-year activist campaign spearheaded by Nelson Peltz. The current revised offer from Victory Capital represents a significant escalation in the efforts to acquire Janus Henderson.