David Brown

Victory Capital (VCTR) has submitted a "superior proposal" to acquire Janus Henderson (JHG), despite JHG already agreeing to a deal with Trian/General Catalyst. Brown states "all options are on the table." JHG is the target of a bidding war. An unsolicited "superior" cash/stock offer usually forces the original bidder to raise their price or the target to accept the higher bid. Long JHG as an arbitrage play on a higher final takeover price. Deal falls through entirely; regulatory antitrust concerns.