Victory Capital Holdings has withdrawn its proposal to acquire Janus Henderson Group after the asset manager’s board backed a sweetened $52 per share all‑cash bid from Trian Fund Management and General Catalyst and labeled it both “superior” to Victory’s offer and the “only actionable proposal.”  

The decision effectively clears the way for Trian and General Catalyst to proceed toward closing their agreed transaction, which the Janus Henderson special committee has said offers greater value certainty and lower execution risk than a Victory tie‑up. 

Victory said it had always been prepared to move forward only with a negotiated, consensual deal that carried the full support of Janus Henderson’s special committee and indicated that standard was not met in this process. The San Antonio‑based firm expressed disappointment with how the special committee ran the sale, while stressing that its regard for Janus Henderson’s franchise and its investment teams remains intact. 

At the same time, Victory emphasized that its broader strategy is unchanged. The firm said it will continue to pursue acquisitions that enhance the company’s size, scale, product lineup and global distribution reach, highlighting a long‑running emphasis on deals to build a more competitive, diversified business.