---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-028975"
form_type: "8-K"
ticker: "VCTR"
cik: "0001570827"
company_name: "Victory Capital Holdings, Inc."
filed_at: "2026-03-17T23:59:59+00:00"
generated_at: "2026-05-15T10:25:53.463520+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 raises Janus Henderson bid to $56.84/share ($40 cash+0.250 stock), 37% premium

## Summary
- Janus Henderson shareholders to receive $40.00 per share cash plus 0.250 Victory shares per JHG share.
- Total implied value of $56.84 per share, a 37% premium to Janus Henderson's unaffected price as of Oct 24, 2025.
- Improved proposal adds $1.2bn of incremental aggregate consideration and is a 16% premium to Trian's deal.
- Victory Capital has $327B in AUM and committed financing with no financing out; net leverage 3.5x EBITDA ex-synergies.
- Company urges Special Committee to engage, noting 95%+ client consent history and no real risk in client consent.

## SEC filing metadata
- accession: 0001104659-26-028975
- form_type: 8-K
- ticker: VCTR
- cik: 0001570827
- company_name: Victory Capital Holdings, Inc.
- filed_at: 2026-03-17T23:59:59+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/1570827/000110465926028975/0001104659-26-028975-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1570827/000110465926028975/tm267299d8_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-028975
- JSON: https://secwatch.observer/filing/0001104659-26-028975.json
- Plain text: https://secwatch.observer/filing/0001104659-26-028975.txt

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