Janus Henderson Group, announced that it has received a letter outlining a non-binding acquisition proposal submitted jointly by Trian Fund Management, L.P. and its affiliated funds and General Catalyst Group Management, LLC and its affiliated funds.

The Company’s board of directors intends to appoint a special committee to consider the Proposal, which was received by letter on October 26 and contemplates the acquisition of all of the outstanding ordinary shares of Janus Henderson not already owned or controlled by Trian for $46.00 per share in cash.

Trian first disclosed its investment in Janus Henderson in October 2020, and as stated in its letter, publicly filed the Proposal pursuant to its disclosure obligations as an amendment to its Schedule 13D filings. Trian currently has two representatives on the Janus Henderson Board, and the Company appreciates the history of constructive engagement with Trian for the last several years. The special committee is expected to be comprised of directors not affiliated with Trian or General Catalyst.

There can be no assurance that any definitive agreement will result from the Proposal or that any transaction will be consummated with Trian, General Catalyst or any other third party. Janus Henderson does not intend to comment further about the Proposal unless and until it deems further disclosure is appropriate.

A copy of the proposal letter is available as an exhibit to Trian Fund Management, L.P.’s statement of beneficial ownership on Schedule 13D/A as publicly filed on October 27, 2025, with the U.S. Securities and Exchange Commission.

Source: Janus Henderson