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The former chief executive officer of BT Group PLC is leading a possible takeover offer for pest control firm Rentokil Initial PLC, the Times reported on Sunday. Philip Jansen is in talks with private equity firms over a plan that would see him become executive chairman of the FTSE 100 company, the newspaper said without citing sources. The Times noted that Jansen is close to Bain Capital. The Times said ‘it is understood’ that, if successful, Jansen and his backers would use Rentokil as a consolidation vehicle to buy other pest control companies in the US, before looking to re-list it in New York. https://www.thetimes.com/business-money/companies/article/ex-bt-boss-targets-rentokil-takeover-6t6fz9bs6 Rentokil has a £14.63 billion market capitalisation, its stock having fallen by 30% over the past 12 months. The biggest drop came in October last year, when Rentokil warned that tricky market conditions in North America meant its full-year outturn in the region would be worse than expected. Last month, Trian Fund Management LP, the firm of activist investor Nelson Peltz, became a top 10 shareholder, according to Bloomberg. Jansen left BT at the beginning of February, handing over to Allison Kirkby. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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