A bidding war for Janus Henderson has intensified as Victory Capital raised its offer to $40 per share, up from $30 in February. The Texas-based asset manager made the move just days after its initial bid was rejected by Janus Henderson's board, which deemed it not in shareholders' best interests.

Victory Capital's new cash offer would give shareholders 0.25 Victory Capital shares and a 31% stake in the combined entity, down from the original 38%. The latest bid values Janus Henderson at $8.6 billion, matching Victory Capital's previous offers and exceeding the $7.4 billion Trian Fund Management and General Catalyst deal.

The global asset management industry is consolidating as firms face rising costs and investor shifts toward index-tracking funds. A Janus Henderson acquisition would boost Victory Capital's assets under management from $327 billion to nearly $500 billion, creating a more competitive platform in an increasingly challenging market.