Janus Bidding War Begins as Victory Capital Tops Trian Offer

A bidding war for Janus Henderson Group Plc broke out Thursday as Victory Capital Holdings Inc. offered to buy the money manager for $57.04 a share, in a move that topped a previous offer from Nelson Peltz’s Trian Fund Management.

Victory’s cash-and-stock proposal calls for Janus Henderson shareholders to own about 38% of the combined company, which would have an enterprise value of about $16 billion, according to a statement.