On March 17, 2026, Victory Capital Holdings, Inc. announced that it has submitted an improved proposal to acquire Janus Henderson Group plc. The proposal includes a cash offer of $40.00 per share along with a fixed exchange ratio of 0.250 shares of Victory Capital common stock for each Janus Henderson share owned. This translates to a 31% ownership stake in the combined entity for Janus Henderson shareholders. The new offer represents a significant increase in value, providing an additional $10.00 per share in cash compared to the previous proposal. Based on Victory Capital's closing share price as of March 16, 2026, the total consideration for Janus Henderson shareholders would amount to $56.84 per share, reflecting a 37% premium to Janus Henderson's unaffected share price as of October 24, 2025. Victory Capital's proposal is fully financed and does not rely on the realization of synergies, ensuring greater certainty for shareholders. The company emphasizes its commitment to retaining Janus Henderson's investment professionals and preserving the brand, aiming to create a stronger combined company positioned for long-term growth. David C. Brown, Chairman and CEO of Victory Capital, expressed confidence in the proposal's acceptance by Janus Henderson shareholders, highlighting the superior value it offers compared to the existing transaction with Trian Partners.

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