Trian Fund Management and General Catalyst Group Management today announced a definitive amendment to their merger agreement with Janus Henderson Group (NYSE:JHG), raising the acquisition price to $52 per share in cash.
Characterized as the "best and final" offer from the consortium, the new price represents a $3 per share increase over the previous agreement and a 25% premium to the company's unaffected closing price on October 24, 2025.
The price hike arrives as a strategic move to bring "finality" to a process that recently saw an unsolicited, competing interest from Victory Capital.
However, the Janus Henderson Special Committee and Board of Directors formally dismissed Victory Capital’s March 17, 2026, proposal, citing "unacceptable closing risk" and "highly uncertain" financing.
By contrast, the Trian/General Catalyst all-cash transaction offers value certainty in a volatile market; since the initial proposal was made public, the S&P Composite 1500 Asset Management Index has slid 13.3%, making the $52 cash exit increasingly attractive to institutional holders.
The Board of Directors of Janus Henderson has unanimously approved the amended merger agreement and reaffirmed its recommendation that shareholders vote in favor of the deal at the upcoming meeting scheduled for April 16, 2026.
The transaction is currently on track to close in mid-2026, subject to the satisfaction of customary closing conditions and regulatory approvals.