JHG Stock Rockets 15% Pre-Market After Receiving A Non-Binding Proposal For $46 Per Share

• Trian Fund Management said it beneficially owns 20.4% of the outstanding ordinary shares of Janus Henderson.
• The per-share price of $46 represents a 10.5% premium over the Oct. 24, 2025, closing price.
• Trian said a mix of third-party equity and debt financing would fund the transaction consideration.

Trian Fund Management, Nelson Peltz’s asset management firm, said that the company, along with General Catalyst Group Management, has submitted a non-binding proposal to buy the rest of Janus Henderson Group (JHG) that it does not own for $46.00 per share in cash.

U.S.-listed shares of Janus Henderson jumped 18% in early trading on Monday. Trian said that, pursuant to the proposal, a newly formed entity on behalf of General Catalyst and Trian Fund would acquire all of the shares of Janus Henderson not currently owned by Trian.

Trian said it beneficially owns 20.4% of the outstanding ordinary shares of Janus Henderson.

Price Premium

The per-share price of $46 represents a 10.5% premium over the Oct. 24, 2025, closing price. Trian said that the proposed transaction would derisk an investment that it believes is highly sensitive to capital market and geopolitical dynamics.

Trian noted that the per-share price represents an over 56% premium to where the shares traded as recently as this past April, when capital market conditions were less favorable.

“When Trian first disclosed its investment in the company in October 2020, the shares were trading at $21.60 per Share, and the company was consistently experiencing outflows in the mid-single digits,” Peltz said in an email to the board of Janus Henderson.

“Since that time, the company’s board of directors and management team (led by CEO Ali Dibadj) have achieved a highly successful operational turnaround of the company’s business, which today consistently generates positive net inflows while enjoying mid-30% operating margins,” he added.

Financing Details Of The Proposed Transaction

The transaction consideration would be funded by a mix of equity and debt financing from third parties, including limited partners of Trian and General Catalyst, as well as their affiliated funds, Trian said.

“It is our expectation that the board will appoint a special committee of independent, disinterested directors (the “Special Committee”) to consider the proposed transaction and make a recommendation to the Board,” Peltz said.

Retail sentiment on Janus Henderson remained unchanged in the ‘bullish’ territory, with message volumes at ‘normal’ levels, according to data from Stocktwits.

Shares of Janus Henderson have gained nearly 16% this year and have jumped over 21% in the last 12 months.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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