April 26, 2017 / 4:32 PM / 8 months ago

Henderson shareholders approve merger with Janus Capital

LONDON (Reuters) - Shareholders of British asset manager Henderson Global Investors HGGH.L backed its $6 billion merger with U.S. fund firm Janus Capital JNS.N on Wednesday, after Janus shareholders approved the deal earlier this week.

Henderson last year agreed to buy Janus in an all-share deal, as active fund managers pool resources to fend off growing competition from index-tracking funds.

A total of 98.87 percent of votes cast at Henderson’s extraordinary general meeting were in favor of the deal, the company said in a statement.

Janus shareholders voted for the deal late on Tuesday, with about 86.2 percent of shares cast in favor.

Each Janus share will be exchanged for 0.4719 newly issued shares in Henderson, following a 1 for 10 consolidation of existing Henderson shares prior to completion of the merger, Henderson said.

Henderson and Janus chief executives Andrew Formica and Dick Weil will be co-chief executives of the merged group Janus Henderson, which will list in New York and Sydney.

The deal is expected to complete by May 30, Henderson chairman Richard Gillingwater said in the statement.

Reporting by Carolyn Cohn and Justin George Varghese. Editing by Jane Merriman

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