Janus Posts Weaker-Than-Expected 4Q Results; Henderson Merger on Track to Close in Second-Half 2017
There was little in narrow-moat-rated Janus Capital Group's fourth-quarter results that would alter our view of the firm. That said, we are lowering our fair value estimate, which is based on the purchase price ascribed to the "merger of equals" between Janus and the Henderson Group, to $14 per share based on changes in the value of the British pound and Henderson's shares since the deal was announced. Management continues to project a second quarter of 2017 (likely end of May) close for the mer...
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