---
title: "Victory Capital Withdraws $9 Billion Janus Bid After $52 Offer Backed"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/280678930.md"
description: "Victory Capital Holdings has withdrawn its $9 billion bid for Janus Henderson Group Plc after a competing $52-per-share offer gained board support. Tensions arose as Victory claimed the Janus board did not adequately consider its proposal, which was previously rejected due to concerns over potential employee departures and investment performance. Despite this setback, Victory remains committed to its acquisition strategy, viewing Janus Henderson as a strong business. The situation reflects Janus Henderson's ongoing efforts to stabilize after its 2017 merger, under CEO Ali Dibadj's leadership."
datetime: "2026-03-26T19:17:06.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/280678930.md)
  - [en](https://longbridge.com/en/news/280678930.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/280678930.md)
---

# Victory Capital Withdraws $9 Billion Janus Bid After $52 Offer Backed

Victory Capital Holdings has stepped away from its nearly $9 billion bid for Janus Henderson Group Plc , bringing a short but intense takeover battle to an end. The decision followed a revised $52-per-share offer from Trian Fund Management and General Catalyst, which quickly secured backing from Janus Henderson's board and a recommendation for shareholders to approve the deal. The shift in board support appears to have narrowed Victory's path forward, effectively closing the window on its competing proposal.

In the weeks leading up to the outcome, friction around the process had been building. Victory argued that Janus Henderson's special committee did not fully engage with its offer and instead leaned toward what it viewed as a less attractive alternative. The board had previously rejected an earlier Victory proposal, citing concerns that the implied cost reductions could lead to employee departures and potentially weaken investment performance. At the same time, internal resistance surfaced, with investment teams and portfolio managers warning that a Victory-led transaction could disrupt the firm's culture, with some signaling they might exit if the deal proceeded.

Despite the setback, Victory indicated that its broader acquisition strategy remains in place and reiterated its view that Janus Henderson represents a strong business with experienced investment professionals. The backdrop to the situation ties into Janus Henderson's longer-term repositioning following its 2017 merger, which had aimed to address structural pressures in active asset management but resulted in extended outflows and internal tensions. Under Chief Executive Officer Ali Dibadj, who has led the firm since 2022, the company has made progress in stabilizing client flows and improving momentum, developments that could have influenced both board positioning and investor expectations during the bidding process.

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