Janus Henderson Group PLC, a London-based active asset manager, announced that it a nonbinding acquisition proposal from Trian Fund Management L.P. and General Catalyst Group Management LLC. Janus Henderson’s board of directors will appoint a special committee to consider the offer of $46 in cash for each of the company’s ordinary shares not already owned by Trian.
Trian Management, together with its affiliated funds, beneficially owns approximately 20.4% of the outstanding shares of Janu Henderson, according to a Schedule 13D filing with the Securities and Exchange Commission.
Trian has two representatives on Janus’ board, but the special committee will not have directors affiliated with Trian or General Catalyst.
According to the announcement of the proposal, there is “no assurance” that a final agreement will be reached, and Janus Henderson will not yet comment on the proposal.
In April, Janus Henderson formed a strategic partnership with the Guardian Life Insurance Co. of America, and Janus Henderson became the manager for the insurer’s $45 billion investment-grade fixed-income portfolio. The two firms also co-developed multi-asset solution model portfolios for Park Avenue Securities LLC, Guardian Life’s dually registered broker/dealer and registered investment adviser.
Then in September, the insurance provider CNO Financial Group Inc. acquired a minority stake in private credit manager Victory Park Capital, which is owned by Janus Henderson, for $600 million in capital commitments.
As of June 30, Janus Henderson had approximately $457 billion in assets under management, more than 2,000 employees, and offices in 25 cities worldwide. Trian first disclosed its investment in Janus Henderson in October 2020.