- Nelson Peltz's Trian has a top-10 position in Terminix-parent Rentokil and is looking to work with management to increase shareholder value.
- Rentokil shares have fallen by more than a third in the last year, as the company grapples with a softening consumer.
- The stake comes just a few weeks after Peltz's Trian disposed of its remaining stake in the Walt Disney Company, after it made an unsuccessful run for board representation.
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.
Get Tri-state area news and weather forecasts to your inbox. Sign up for NBC New York newsletters.
Peltz earlier this year ran an unsuccessful campaign for board seats at the entertainment giant.
