Janus Henderson is facing a bidding war after Nelson Peltz's Trian Fund Management and General Catalyst increased their cash offer to $52 per share, valuing the British-American fund group at $8 billion. This move comes as Texas-based Victory Capital countered with a cash-and-share proposal valuing Janus at $8.6 billion. Trian already owns over 20% of Janus, and its special board of advisers supports the Trian/General Catalyst bid, stating Victory's attempt is not in the best interests of the company and shareholders.

Janus's special committee warned of significant closing risks in Victory's bid, citing concerns over its financing arrangements and the potential for shareholder opposition due to Trian's stake. The committee stated Victory's proposal is "not and will never be actionable." To incentivize a deal, Janus announced it will pay an extra $1 per share quarterly dividend starting July if the Trian/General Catalyst deal isn't completed by June's end. Janus shares rose 2.5% to $52, giving the company a market value of $8 billion.

This escalation signals growing consolidation in the global asset management sector, following Nuveen's recent Schroders acquisition.