Raised Janus FVE to $15 per Share based on Terms of the Merger With Henderson Group
We've increased our fair value estimate for narrow-moat rated Janus Capital Group to $15 per share from $14 to adjust for the "merger of equals" announced this week between the firm and Henderson Group. With the all-stock deal slated to exchange 4.719 shares of Henderson for every share of Janus held when the acquisition closes in the second quarter of 2017, Janus was being valued at $2.6 billion (based on Henderson's stock price of GBX 232.00 per share and an exchange rate of $1.2976 per GBP), ...
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