Investment firm Trian Fund Management raised serious red flags Friday regarding Victory Capital’s enhanced takeover proposal for Janus Henderson, which directly competes with Trian’s own privatization agreement with the asset management company.
The asset manager had initially turned down Victory’s $8.6 billion cash-and-stock proposal, determining the offer presented completion risks and failed to surpass the current $7.4 billion all-cash agreement already in place with Trian and venture capital partner General Catalyst.
However, Victory modified its proposal earlier this week by increasing the cash portion of the deal.
When contacted for comment, Janus Henderson chose not to respond, while Victory Capital has not yet replied to requests for a statement.
Trian currently holds the position as Janus Henderson’s biggest shareholder, controlling a 20.7% ownership stake in the company.
