Victory Capital has increased the cash component of its $8.6bn bid for Janus Henderson, intensifying competition with the existing $7.4bn take-private agreement backed by Trian and General Catalyst, according to Reuters.

The revised proposal offers $40 in cash and 0.25 Victory shares for each Janus Henderson share. This marks an increase from its earlier offer, which included $30 in cash and a higher stock component.

Victory said the enhanced cash element provides greater certainty for shareholders as it seeks to position its offer as a more attractive alternative.

Janus Henderson had previously rejected Victory’s initial proposal, citing concerns over execution risk and stating it was not superior to the agreed deal with Trian and General Catalyst.

Victory has pushed back against these concerns. The firm said it is confident of securing the required 75% client consent, pointing to its track record in previous acquisitions.

The bidding contest highlights ongoing consolidation across the asset management industry, where firms are pursuing scale to strengthen global distribution and attract investor capital.

Victory Capital has completed several acquisitions in recent years as part of its expansion strategy. The latest move underscores its continued focus on growth through M&A, while private equity-backed investors remain active in shaping outcomes across the sector.

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