BREAKINGVIEWS-Nelson Peltz has ample room to maneuver for Janus

Victory Capital Holdings, Inc. Class A -3.01%
Janus Henderson Group PLC +0.16%

Victory Capital Holdings, Inc. Class A

VCTR

62.93

-3.01%

Janus Henderson Group PLC

JHG

51.50

+0.16%

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

By Jonathan Guilford

NEW YORK, March 17 (Reuters Breakingviews) - The hedge fund manager faces a stiffer challenge to his firm's agreed deal after rival suitor Victory Capital sweetened its $9 bln offer. Extra cash also narrows the money manager's defense over cost cuts. Trian can easily afford to pay more and still generate a healthy return.

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CONTEXT NEWS

Asset manager Victory Capital said on March 17 that it had adjusted its unsolicited offer for rival Janus Henderson to sweeten the price and include more cash.

Its previous bid comprised $30 in cash and 0.35 shares of its stock for each of the target's shares, a mix has now changed to $40 of cash and 0.25 of its shares. Compared to Janus Henderson's undisturbed price, the new package boosts the premium being paid, but based on Victory's trading price, total value falls slips to $56.84 per share from $57.04 previously.

Janus Henderson rejected Victory’s earlier offer on March 11. The money manager agreed on December 22 to be acquired by Trian Fund Management and General Catalyst.


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