09:06 AM EDT, 06/12/2024 (MT Newswires) -- (Updates with statement from the fund management company in first and second paragraph, share price in third paragraph.)

Trian Fund Management said Wednesday it has amassed a 'top-10' shareholder stake in Rentokil Initial ( RTO ) and has reached out to the company to discuss ways to increase shareholder value.

"Trian confirms that it has a significant position in Rentokil and is currently a top 10 shareholder," a spokesperson said in a statement emailed to MT Newswires. "Trian also confirms it has reached out to Rentokil to discuss ideas and initiatives to improve shareholder value. Trian looks forward to working with Rentokil's leadership team."

Shares of the UK-based pest control company, which owns Terminix in the US, were up more than 14% in Wednesday's premarket session.

Price: 30.81, Change: +3.89, Percent Change: +14.45