Trian offers $46 per share in cash for Janus Henderson

In a letter sent to the board of Janus Henderson (JHG) Group from Trian Fund Management and General Catalyst Group Management, the funds stated: “Trian Fund Management, L.P. and its affiliated funds, which beneficially own 20.4% of the outstanding ordinary shares of Janus Henderson Group plc, with General Catalyst Group Management, LLC and its affiliated funds, are pleased to submit this non-binding proposal pursuant to which a newly-formed entity on our behalf would acquire all of the Shares not currently owned by Trian for a purchase price of $46.00 per share in cash… The Per Share Price represents a significant premium to the closing price of the Shares as of October 24, 2025. Furthermore, the Proposed Transaction would derisk an investment that we believe is highly sensitive to capital market and geopolitical dynamics-the Per Share Price represents over a 56% premium to where the Shares traded as recently as this past April when capital markets conditions were less favorable. In addition, the Per Share Price equates to a 9.5x trailing 12-month EBITDA multiple as of June 30, 2025, which represents a significant premium to the Company’s last-three-year average multiple of 7.7x trailing 12-months EBITDA.”