---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-020100"
form_type: "8-K"
ticker: "VCTR"
cik: "0001570827"
company_name: "Victory Capital Holdings, Inc."
filed_at: "2026-02-26T23:59:59+00:00"
generated_at: "2026-05-15T23:35:07.633339+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Victory Capital proposes to acquire Janus Henderson for $57.04/share, 37% premium

## Summary
- Total consideration $57.04/share: $30 cash + 0.350 VCTR shares; 37% premium to JHG unaffected price as of Oct 24, 2025.
- Proposal ~16% higher than Trian's transaction; JHG shareholders to own ~38% of combined company, enterprise value ~$16B.
- Fully financed with committed debt, no financing condition; lower client consent threshold (75%) and termination fee than Trian deal.
- Victory sent prior proposals on Nov 24, Dec 8, Dec 22, 2025; urges Special Committee to engage immediately.

## SEC filing metadata
- accession: 0001104659-26-020100
- form_type: 8-K
- ticker: VCTR
- cik: 0001570827
- company_name: Victory Capital Holdings, Inc.
- filed_at: 2026-02-26T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1570827/000110465926020100/0001104659-26-020100-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1570827/000110465926020100/tm267299d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-020100
- JSON: https://secwatch.observer/filing/0001104659-26-020100.json
- Plain text: https://secwatch.observer/filing/0001104659-26-020100.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.