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Acquisition · Asset Management · M&A · Shareholder Activism
Victory Capital accused Nelson Peltz’s Trian Fund Management of spreading misinformation regarding its $8.6 billion proposal for Janus Henderson, asserting that reports of client and employee pushback are attempts to manufacture uncertainty and benefit those opposing the transaction.
Victory Capital, a multi-boutique asset manager, is pursuing Janus Henderson despite previous rejections, recently increasing its cash-and-stock offer. Trian, Janus Henderson's largest shareholder with a 20.7% stake, opposes Victory Capital's bid, favoring its own deal to take Janus Henderson private.
Victory Capital specifically addressed media reports suggesting client concerns from senior officials at Morgan Stanley and Citigroup’s wealth-management arms, stating it was advised these reports do not reflect the corporate positions of those institutions. The firm noted that the wealth management units of Morgan Stanley and Citigroup are clients of both Victory Capital and Janus Henderson, with familiarity of their products.
Victory Capital maintains these efforts to create uncertainty are orchestrated by parties benefiting from the transaction's failure. Janus Henderson and Trian have declined to comment.
