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BRIEF-Janus Capital Group Inc, Henderson Group agree to merge
October 3, 2016 / 6:56 AM / a year ago

BRIEF-Janus Capital Group Inc, Henderson Group agree to merge

Oct 3 (Reuters) - Janus Capital Group

* Janus Capital Group Inc. and Henderson Group Plc announce recommended merger of equals

* Merger will be effected via a share exchange with each share of Janus common stock exchanged for 4.7190 newly issued shares in Henderson

* Combined group, Janus Henderson Global Investors Plc, will have AUM of more than $320 billion

* Henderson and Janus shareholders are expected to own approximately 57 pct and 43 pct respectively

* Deal to result in annual run rate net cost synergies of at least $110 million

* Combined group will apply for admission to trade on NYSE as its primary listing, retaining Henderson`s existing listing on ASX

* Merger is currently expected to close in Q2 of 2017,

* Synergies expected to drive double digit accretion to both companies` earnings per share in first 12 months following closing

* Henderson directors consider merger to be in best interests of Henderson and Henderson shareholders as a whole

* Co was advised by unit of Loeb Partners Corp and Skadden, Arps, Slate, Meagher And Flom Llp and affiliates.

* Board of Janus Henderson Global Investors is expected to continue to operate a progressive dividend policy

* 25 million stg share buyback of Henderson shares, scheduled to take place in second half of 2016, will no longer take place

* Janus` largest shareholder, Dai-Ichi Life (Dai-Ichi), has committed to supporting merger

* Post-Merger, Dai-Ichi will hold about 9 pct of combined group, intends to further invest in combined co to raise ownership to at least 15 pct;

* Estimated one-time costs of $165-185 million are expected to be incurred to achieve recurring cost synergies target.

* Board has approved merger, declared it advisable, fair to, and in best interests of, Janus and its stockholders Source text for Eikon: Further company coverage:

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