Peltz's Trian Offers $46 Per Share for Janus

Janus Henderson has received a non-binding acquisition proposal from Nelson Peltz’s Trian Fund Management and General Catalyst to buy all outstanding shares not already owned by Trian for $46 per share in cash, valuing the firm at roughly $7.2 billion. The proposal, disclosed Oct. 26–27, follows Trian’s existing roughly 20.4% stake and two board seats after its initial investment in October 2020. Janus Henderson said it will form a special committee of independent directors that will exclude Trian’s representatives to review the offer and stressed there is no assurance a transaction will occur. Shares jumped about 15.5% in premarket trading to roughly $48.10 after the disclosure. Bidders argued the asset manager could perform better as a private company; Janus Henderson, which manages about $457 billion in assets, acknowledged the letter but has not agreed to any deal.