08:08 AM EDT, 03/11/2026 (MT Newswires) -- Janus Henderson Group ( JHG ) said Wednesday its board has unanimously rejected the unsolicited proposal of Victory Capital ( VCTR ) to acquire it for $30 per share in cash and Victory stock representing projected ownership of 38% of the combined company.

Victory's proposal presents "significant closing risks," such as uncertainty in the ability to obtain the required client consents representing at least 75% of its revenue run rate, and uncertainty in the shareholders' approval from both Janus Henderson ( JHG ) and Victory, Janus Henderson ( JHG ) said.

"The Special Committee has received feedback from key Janus Henderson ( JHG ) clients indicating they would have significant reservations about maintaining their relationships with Janus Henderson ( JHG ) if it were to enter into a transaction with Victory," the company said.

Janus Henderson ( JHG ) said it reaffirmed its recommendation that shareholders vote to approve the acquisition of Janus Henderson ( JHG ) by Trian Fund Management and General Catalyst Group Management in an all-cash deal worth about $7.4 billion.