Janus rises 7 pct after Reuters scoop on sale talks

Reuters exclusively reported on July 15 that a rift between Janus Capital’s CEO and its board over the sale of the company was behind CEO Gary Black’s surprise resignation. In fact, Reuters reported the mutual fund company had been in negotiations with bidders including Franklin Resources over a sale for $13.50 a share. Instead of selling, Janus decided to raise $300 million in capital and announced Black’s departure. Janus stock rose 7 percent on July 16 and it was a top 10 traded stock on the New York Stock Exchange.