Janus Bidding War Heats Up With Fresh Victory Capital Offer (2)

Victory Capital Holdings submitted a fresh offer for Janus Henderson Group Plc, as the bidding war for the London-based investment firm intensifies amid a wave of consolidation among asset managers.

The San Antonio, Texas-based firm is now offering $40 per share in cash and a fixed exchange ratio of 0.25 shares of its common stock for each Janus Henderson share owned, Victory Capital said in a statement Tuesday. That would translate to 31% ownership in a combined asset manager.

Based on Victory Capital’s March 16 closing price, Janus shareholders would receive $3.26 per share more than its prior ...