Victory Capital Holdings has withdrawn its proposal to acquire Janus Henderson Group Plc, bringing a brief but fierce bidding war to a close.
The move comes after Trian Fund Management and General Catalyst raised their offer to $52 a share earlier Tuesday. Janus Henderson's board backed the revised deal and urged shareholders to approve it.
Victory in recent weeks accused Janus' special committee of not engaging with its offer and instead opting for an inferior one. Janus' board had already rejected an earlier proposal, contending the bid implied cost-cutting that could lead to staff departures and hurt investment performance.
Victory expressed disappointment about the way the process unfolded. The money manager maintained that Janus Henderson is a strong business and a good strategic fit.
"While the company is disappointed with the process run by the special committee, its admiration for the Janus Henderson business and its talented investment professionals remains unchanged," Victory said in a statement.
The company said its broader acquisition strategy remains intact.
(Shutterstock)
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