Nelson Peltz's Trian amasses stake in pest control giant Rentokil

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Nelson Peltz, founder and chief executive officer of Trian Fund Management, during the Future Investment Initiative (FII) Institute Priority Summit in Miami, Florida, on Thursday, March 30, 2023. Nelson Peltz's Trian Partners has amassed a significant stake in Terminix parent Rentokil and is seeking to engage with leadership on "ideas and initiatives to improve shareholder value," a spokesperson told CNBC Tuesday. Shares of the pest-control giant surged around 8% after hours on the news. It had a market capitalization of $13.3 billion at Tuesday's close, prior to the spike. Trian is a top-10 shareholder, the spokesperson said. That would mean that its stake is valued at more than $400 million, or at least 3% of shares outstanding. A spokesperson for Rentokil, which is headquartered in London, did not immediately respond to CNBC's request for comment. Trian's Peltz has extensive experience with consumer-oriented companies. He has previously served on the boards of Proctor & Gamble and the erstwhile Heinz. The news of his stake in Rentokil, reported earlier by Bloomberg, comes shortly after Trian disposed of its remaining stake in Disney. Peltz earlier this year ran an unsuccessful campaign for board seats at the entertainment giant.