Janus Henderson $46/share takeover offer seems low - analyst

* Trian and General Catalyst's $46/share takeover offer for Janus Henderson (NYSE:JHG [https://seekingalpha.com/symbol/JHG]) appears to be a low price, according to a TD Cowen analyst.
* The offer "translates into ~11x '26 consensus EPS, which seems low for a potential change in control premium," TD Cowen analyst Bill Katz wrote in a note on Monday.
* Katz also noted that the $46 price is 4% below the average sell-side 12-month price target. Katz has a buy rating and $52 going concern price target on Janus Henderson (NYSE:JHG [https://seekingalpha.com/symbol/JHG]).
* Shares of Janus Henderson (NYSE:JHG [https://seekingalpha.com/symbol/JHG]) rose 12% and are trading above the $46/share offer after news of the offer [https://seekingalpha.com/news/4508562-janus-henderson-gains-as-trian-general-catalyst-make-takeover-offer]was disclosed. Janus Henderson said its board set up a special committee to evaluate the non-binding offer.

MORE ON JANUS HENDERSON

* Janus Henderson: Staying Bullish On New Funds And Inorganic Growth Initiatives [https://seekingalpha.com/article/4823910-janus-henderson-staying-bullish-on-new-funds-inorganic-growth-initiatives]
* Janus Henderson Group Plc (JHG) Discusses On Pre-AGM Webinar For The Henderson Smaller Companies Investment Trust Conference (Transcript) [https://seekingalpha.com/article/4823668-janus-henderson-group-plc-jhg-discusses-on-pre-agm-webinar-for-the-henderson-smaller-companies-investment-trust-conference-transcript]
* Janus Henderson Group Plc (JHG) Presents At Barclays 23rd Annual Global Financial Services Conference (Transcript) [https://seekingalpha.com/article/4820688-janus-henderson-group-plc-jhg-presents-at-barclays-23rd-annual-global-financial-services]
* Janus Henderson gains as Trian, General Catalyst make takeover offer [https://seekingalpha.com/news/4508562-janus-henderson-gains-as-trian-general-catalyst-make-takeover-offer]
* CNO Financial to buy minority stake in Janus Henderson's Victory Park Capital [https://seekingalpha.com/news/4498418-cno-financial-to-buy-minority-stake-in-janus-hendersons-victory-park-capital]