09:19 AM EDT, 03/20/2026 (MT Newswires) -- Janus Henderson ( JHG ) shareholder Trian Fund Management said Friday it "strongly opposes" Victory Capital's ( VCTR ) unsolicited acquisition proposal, warning the bid could destroy the asset manager's value.

Trian, which holds a 20.7% stake in Janus, said Victory's proposal lacks a credible path to closing a transaction.

Trian reiterated support for its $49-per-share all-cash offer, backed by General Catalyst, citing greater certainty and a potential mid-2026 close, and said its proposal is superior to Victory's bid.

Janus said Tuesday the special committee of its board has received a revised offer from Victory of $40 per share in cash and 0.250 shares of Victory common stock for each Janus share.