Trian Fund Management, L.P. ("Trian") today released an investor presentation outlining serious concerns about Victory Capital's ("Victory") unsolicited proposal to acquire Janus Henderson Group plc (NYSE:JHG) and reaffirming the superior value and certainty of their $49 per share all-cash transaction, which they are sponsoring alongside General Catalyst Group Management, LLC ("General Catalyst"), and which is currently expected to close in mid-2026. The presentation is available at https://trianpartners.com/perspectives-on-victory-capital.

As Janus Henderson's largest shareholder, with a 20.7% ownership position, Trian strongly opposes Victory's offer and believes it has the potential to result in significant value destruction at Janus Henderson. The investor presentation details the following surrounding this inferior proposal:

  • Trian sees no realistic path to Victory closing a deal with Janus Henderson
  • We believe Victory has misrepresented key facts in its proposal
  • Victory appears under pressure to do a transaction given its eroding fundamentals
  • We view Victory's proposal as far inferior even to Janus Henderson remaining as a public, standalone company
  • Trian offers certainty of attractive value in a highly volatile macro-economic environment that has seen equity markets decline since the deal was announced
  • Trian has a clear path to closing in ~3 months

The closing of the transaction is subject to satisfaction or waiver of customary closing conditions.