Plotting a takeover bid: Philip Jansen
The former boss of BT is plotting a takeover bid for the FTSE 100 pest controller Rentokil, according to reports.
Philip Jansen, who stepped down from the telecoms giant at the start of this year, is seeking private equity funding for a deal that would see him become executive chairman.
Rentokil is the world’s largest pest control company and operates in 80 countries.
But the £11.6billion group has struggled since it took over US rival Terminix in 2022. Last October it was rocked by a profit warning after it struggled to win new customers in North America.
Jansen, 57, is keen to improve the company’s performance in the US, The Sunday Times reported, especially the integration between Rentokil and Terminix.
Private equity firms that could be interested in a bid include CVC and Bain Capital, The newspaper said.
Activist investor Nelson Peltz – who has previously taken on the boards of Disney and Unilever – disclosed last month he had built a stake in Rentokil that makes him one of its top ten shareholders.
The move on Rentokil is the latest in a slew of takeovers of London-listed firms this year.
CVC and Bain declined to comment. Jansen could not be contacted for comment.
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