Janus Henderson Group plc (NYSE: JHG) received a non‑binding acquisition proposal from Trian Fund Management and General Catalyst. The proposal, submitted in a letter dated October 26, 2025, values the company at $46.00 per share in cash, or approximately $7.18 billion in total.
The offer targets all outstanding ordinary shares of Janus Henderson not already owned or controlled by Trian. Trian, together with affiliated funds, beneficially owns about 20.4% of the company’s shares. The $46‑per‑share price represents a 10% premium to the closing price on Friday, October 24, 2025.
Trian, which currently holds two board seats on Janus Henderson’s board, disclosed the proposal in an amendment to its Schedule 13D/A filed with the U.S. Securities and Exchange Commission on October 27, 2025. General Catalyst is a joint submitter, indicating support for the deal.
Janus Henderson’s board will appoint a special committee of directors not affiliated with either firm to evaluate the offer. The proposal is expected to be funded by a mix of equity and third‑party debt and would not be subject to a financing condition.
The offer is part of Trian’s strategy to take the asset manager private, believing it would operate more effectively as a private company and address past performance issues. As of June 30, 2025, Janus Henderson managed approximately $457 billion in assets.
The company has not yet indicated whether it will accept or reject the offer, and no definitive agreement has been reached.
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