Victory Capital has increased its cash offer to acquire Janus Henderson Group, escalating a takeover battle for the asset management firm.

The revised bid comes after Janus Henderson's board unanimously rejected Victory Capital's previous takeover proposal last week. Instead, the board recommended that shareholders support a competing take-private transaction proposed by Nelson Peltz's Trian Fund Management and venture capital firm General Catalyst.

The competing offers have created a bidding war for Janus Henderson, with Victory Capital now sweetening its terms in an attempt to win over shareholders and the target company's board. The asset management industry has seen increased consolidation activity as firms seek to achieve greater scale and operational efficiencies.

Janus Henderson, formed through the 2017 merger of Janus Capital Group and Henderson Group, manages assets across various investment strategies including equities, fixed income, and multi-asset portfolios. The firm serves both institutional and retail clients globally.

Victory Capital, which has been expanding through acquisitions in recent years, is positioning itself as an alternative to the private equity-backed proposal from Trian and General Catalyst. The outcome of this bidding contest will ultimately depend on shareholder support and the relative attractiveness of the competing offers' terms and strategic vision.