UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
February 26, 2026
Date of Report (Date of earliest event reported)
Victory Capital Holdings, Inc.
(Exact name of registrant as specified in its charter)
| Delaware |
001-38388 |
32-0402956 |
| (State or other jurisdiction |
(Commission |
(IRS Employer |
| of incorporation) |
File Number) |
Identification No.) |
| 15935 La Cantera Parkway; San Antonio, TX |
|
78256 |
| (Address
of principal executive offices) |
|
(Zip
Code) |
(216) 898-2400
(Registrant’s telephone number, including
area code)
Not Applicable
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
x Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
| Common Stock, Par Value $0.01 |
VCTR |
NASDAQ |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ¨
Item 8.01. Other Events.
On February 26, 2026, Victory Capital Holdings, Inc. (the “Company”)
issued a press release (the “Press Release”) announcing a proposal sent on that date to the Special Committee of the Board
of Directors of Janus Henderson Group plc, a Jersey public limited company (“Janus Henderson”), to acquire Janus Henderson
(the “Proposal”).
The foregoing description of the Proposal is qualified in its entirety
by reference to the Press Release, a copy of which is attached hereto as Exhibit 99.1. The full text of the Proposal is included in the
Press Release.
In addition, the Company is providing copies of proposals (the “Prior
Proposals”) sent to the Special Committee prior to the public announcement on December 22, 2025 of Janus Henderson’s merger
agreement with an investor group led by Trian Fund Management, L.P. The Prior Proposals were sent
on November 24, 2025, December 8, 2025 and December 22, 2025, and are attached hereto as Exhibit 99.4, Exhibit 99.3 and Exhibit
99.2, respectively.
Forward-Looking Statements
This communication contains forward-looking statements within the
meaning of applicable U.S. federal and non-U.S. securities laws. These statements may include, without limitation, any statements preceded
by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,”
“may,” “anticipate,” “assume,” “budget,” “continue,” “estimate,”
“future,” “objective,” “outlook,” “plan,” “potential,” “predict,”
“project,” “will,” “can have,” “likely,” “should,” “would,” “could”
and other words and terms of similar meaning or the negative thereof and include, but are not limited to, statements regarding the outlook
for the Company’s future business and financial performance. Such forward-looking statements involve known and unknown risks, uncertainties
and other important factors beyond the Company’s control and could cause the Company's actual results, performance or achievements
to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements.
All statements, other than historical facts, including statements regarding the ultimate outcome of discussions between the Company and
Janus Henderson, including the possibilities that the Company will not pursue a transaction with Janus Henderson or that Janus Henderson
will reject a transaction with the Company; the ability of the parties to complete a transaction when expected or at all; the risk that
the conditions to the closing of any proposed transaction, including receipt of required regulatory approvals, client consents and approval
of the Company’s or Janus Henderson’s stockholders, are not satisfied in a timely manner or at all; potential litigation
related to any proposed transaction; the risk that disruption from the proposed transaction adversely affects the respective businesses
and operations of the Company and Janus Henderson; the expected benefits of any proposed transaction, such as expected revenue, EBITDA,
EBITDA margin, and/or synergies, efficiencies or cost savings; growth potential of the Company, Janus Henderson or a potentially combined
company; diversified product offerings and expanded distribution; market profile and financial strength, including near term and long-term
value for shareholders, and opportunities for long-term growth and value creation; potential adverse reactions or changes to client and
other business relationships resulting from the announcement, pendency or completion of the transaction; the ability to retain key employees;
the competitive ability and position of the Company, Janus Henderson or a potentially combined company; the ability to effectively and
efficiently integrate the companies; future plans and investments; and any assumptions underlying any of the foregoing, are forward-looking
statements. Factors that may affect the future results of the Company are set forth in the Company’s filings with the U.S. Securities
and Exchange Commission (the “SEC”), including the Company’s most recently filed Annual Report on Form 10-K, subsequent
Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the SEC, which are available on the SEC’s website
at www.sec.gov. The risks and uncertainties described above and in the Company’s most recent Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q are not exclusive and further information concerning the Company and its business, including factors that potentially
could materially affect the Company’s business, financial condition or operating results, may emerge from time to time. Readers
are urged to consider these factors carefully in evaluating these forward-looking statements, and not to place undue reliance on any
forward-looking statements. Readers should also carefully review the risk factors described in other documents that the Company files
from time to time with the SEC. The forward-looking statements in these materials speak only as of the date of these materials. Except
as required by law, the Company assumes no obligation to update or revise these forward-looking statements for any reason, even if new
information becomes available in the future.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation
of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such
jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended.
Additional Information and Where to Find It
This communication relates to a proposal which the Company has made
to the Special Committee of Janus Henderson’s Board of Directors for an acquisition of Janus Henderson. In furtherance of this proposal
and subject to future developments, the Company (and, if a negotiated transaction is agreed, Janus Henderson) may file one or more registration
statements, proxy statements, tender offer statements or other documents with the SEC. This communication is not a substitute for any
proxy statement, registration statement, tender offer statement, prospectus or other document the Company and/or Janus Henderson may file
with the SEC in connection with the proposed transactions.
INVESTORS AND SECURITY HOLDERS OF the
Company AND Janus Henderson ARE URGED TO READ ANY PROXY STATEMENT(S), REGISTRATION
STATEMENT(S), TENDER OFFER STATEMENT, PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY IF AND
WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT the Company,
Janus Henderson AND THE PROPOSED TRANSACTION. Any definitive proxy statement(s) or prospectus(es)
(if and when available) will be mailed to stockholders of the Company and/or Janus Henderson, as applicable. Investors and security holders
will be able to obtain copies of these documents (if and when available) and other documents filed with the SEC by the Company free of
charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by the Company (if and when available)
will also be made available free of charge by accessing the Company’s website at www.vcm.com.
Certain Information Regarding Participants
This communication is neither a solicitation of a proxy nor a substitute
for any proxy statement or other filings that may be made with the SEC. Nonetheless, the Company and its directors and certain of its
executive officers and other members of management and employees may be deemed, under SEC rules, to be participants in the solicitation
of proxies in respect of any proposed transaction. Security holders may obtain information regarding the names, affiliations and interests
of such individuals in the Company’s definitive proxy statement for the 2025 annual meeting of stockholders, which was filed with
the SEC on March 28, 2025 and certain of its Current Reports on Form 8-K. Additional information regarding the interests of such individuals
in the proposed transaction will be included in one or more registration statements, proxy statements, tender offer statements or other
documents filed with the SEC if and when they become available. These documents (if and when available) may be obtained free of charge
from the SEC’s website http://www.sec.gov and the Company’s website at www.vcm.com.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit |
|
|
| Number |
|
Description |
| 99.1 |
|
Press Release, issued by the Company, dated February 26, 2026 (including
the Proposal). |
| |
|
|
| 99.2 |
|
Prior Proposal
sent by the Company, dated December 22, 2025. |
| |
|
|
| 99.3 |
|
Prior Proposal
sent by the Company, dated December 8, 2025. |
| |
|
|
| 99.4 |
|
Prior Proposal
sent by the Company, dated November 24, 2025. |
| |
|
|
| 104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE(S)
Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
| |
VICTORY CAPITAL HOLDINGS, INC. |
| |
|
|
| Date: February 26, 2026 |
By: |
/s/ MICHAEL D. POLICARPO |
| |
|
Name: |
Michael D. Policarpo |
| |
|
Title: |
President, Chief Financial Officer and Chief Administrative Officer |
