Stilwell Financial, the parent company of mutual fund giant Janus, said today that it has completed the process of purchasing 600,000 shares from Janus chairman and CEO Thomas Bailey.

The firm paid Bailey $603 million for the shares, which represent 6.2% of the company’s stock and all of Bailey’s remaining Janus holdings. Stilwell purchased the shares through a combination of cash and proceeds from the issuance of $400 million senior notes.

Bailey, meanwhile, will continue to oversee Janus. The parties struck an agreement by which his contractual management and board selection rights will be extended through late March of 2002. Without such a deal, those rights would have expired upon the shares’ purchase.

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