9 hours ago - Business

Janus Henderson is in the middle of a bidding war

Dan Primack

llustration of an upward arrow going up a stack of money — Illustration: Rebecca Zisser / Axios

Victory Capital on Thursday offered to buy London-based asset manager Janus Henderson Group for around $8.5 billion, topping a $7.4 billion bid last December from Trian Fund Management and General Catalyst.

Why it matters: This could scuttle the latest expansion plans for General Catalyst, which has evolved from a pure-play VC shop into a diversified financial firm with IPO ambitions.

Zoom in: Victory is offering $57.04 per Janus Henderson share, consisting of $30 in cash and 0.35 shares of Victory common stock (as of yesterday's closing price), with Janus Henderson shareholders to own around 38% of the combined entity.

Trian and GC's offer was for $49 per share in cash.

The bottom line: Let the bidding war commence.

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Janus Henderson is in the middle of a bidding war

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