Janus Capital Group and Henderson Group shareholders separately approved a merger of the two firms to create a money manager with more than $300 billion in assets.
London-based Henderson held an extraordinary general meeting Wednesday, at which the requisite majority of shareholders approved the merger with Denver-based Janus. A specific figure was not provided. Janus shareholders approved the merger with approximately 86.2% of shares outstanding cast in favor of the proposal, Janus announced Tuesday.
In a regulatory filing following the meeting, Henderson said all resolutions were passed by the required majority of shareholders.
The completion date of the merger, which will create a firm with a market capitalization of approximately $6 billion, is set for May 30. On that date, the name Janus Henderson Group PLC will become effective, new shares will be issued to Janus stockholders, trading in new Janus Henderson shares on the New York Stock Exchange will commence and the London delisting will become effective.
Both Janus and Henderson officials have spun the merger as a positive for both companies that will allow for increased global distribution and annual cost savings of $110 million a year.
“We are pleased with the overwhelming support our shareholders have shown for the planned merger of Janus and Henderson,” said Glenn Schafer, chairman of the Janus Capital Group board of directors, in a statement. “Shareholders agree with the board's recommendation and recognize the tremendous value of a combined company. This significant growth opportunity for Janus will create one of the world's leading global active asset managers.”
Janus in particular has struggled with net outflows over the last several years.
“I would like to thank our shareholders for supporting our merger with Janus, and look forward to working with the new Janus Henderson team to deliver the growth potential that the combination creates,” said Richard Gillingwater, chairman of Henderson, in the filing.
