Trian Seeks Janus Henderson Buyout With General Catalyst

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00:00Bloomberg's M&A reporter Michelle Davis is now here to fill us out, fill us in on all

00:05the details. How much of a surprise is this? It's a bit surprising because you don't generally

00:10see an activist investor like Tryon partnering with a general catalyst type, you know, company

00:15that normally is behind VC growthy bets. So that part is really surprising. And Tryon

00:21has been in Janice Henderson for a while. Is it not happy with what it's gotten so far?

00:25So, you know, activist investors always want more. This is the latest in a five year saga

00:30for Nelson Peltz's Tryon. They've been in the stock for five years, helped oust the CEO. And now the

00:38view is maybe with general catalysts, if they use AI, they can help improve the company. And the

00:43thought is it's easier to do that. It'll be easier to do that out of the public view as a private

00:48company. And Nelson Peltz helped oust the former CEO, as you mentioned, and pretty much helped

00:54install the current CEO, Ali Dabaj, who we've spoken to numerous times here at Bloomberg.

00:58Does that mean that the company is in support of this investment, this move?

01:02It's probably too early to say for sure. The company in its statement acknowledging that it

01:08had received this offer said that they're gonna be forming a special committee. It's typical in

01:12these situations for them to then, you know, assess the offer. But sometimes they'll also run a broad

01:17process to see if there's any other interest that's at a higher value than what's being offered here. So

01:21really too early to say. But I'm sure we will get updates. We will break updates over the coming

01:26weeks. So Ali Dabaj had this mandate to turn around the firm and, you know, basically make sure that

01:31there are net inflows, positive net inflows. How has he done? How's Janice Henderson as a company doing?

01:36So it has seen some outflows. But the stock overall, even after dipping a bit earlier this year during,

01:44you know, Liberation Day turmoil, it's, I think, down 2% on the year. So pretty flat. Obviously,

01:49the stock market's at record highs. So underperforming the rest of the market. And you'll see that the

01:54offer they made was at not too high of a premium to where the stock is trading now. That might be a

02:00reason for the company to say, you know, this isn't fair. We think we're undervalued. But it remains

02:06to be seen, I guess, how they review it.