Trian Fund Management and General Catalyst have increased their offer to acquire Janus Henderson to $52 per share in cash, intensifying a high-stakes bidding battle for the global asset manager and reinforcing their position as the leading bidder. The revised terms also allow Janus Henderson to issue a $1 per share quarterly dividend beginning July 1, 2026, if regulatory delays prevent the transaction from closing by June 30, 2026. 

The revised proposal represents a 25% premium to Janus Henderson’s unaffected share price and reflects a $3 increase from the prior bid, underscoring growing urgency to secure shareholder support.  

Janus Henderson’s board, acting on the recommendation of its special committee, unanimously approved the amended agreement, emphasizing both the certainty of value and a clear path to closing. The company described the Trian-General Catalyst proposal as the “only actionable” offer currently available, citing execution risks tied to competing bids.  

The transaction remains on track to close by mid-2026, with the firms noting they have already made “significant progress toward closing” and expect to satisfy remaining conditions, including regulatory approvals and client consents.  

The increased offer comes amid an ongoing takeover contest with Victory Capital, which has proposed a rival transaction. However, Janus Henderson’s board determined that the competing bid does not constitute a superior proposal, largely due to uncertainty around execution and completion risk.