Robinson interest sees Rentokil shares soar

Irishman Gerry Robinson today revealed his interest in tabling a takeover offer for pest control-to-hygiene group Rentokil Initial.

The former Granada boss, who last month set up Raphoe Management as a vehicle for investing in under-performing companies, said he intended to approach the Rentokil board to discuss the possibility of making an offer.

It comes after a weekend of speculation in which the former chairman of drinks group Allied Domecq was said to have been approached by a small group of investors about Raphoe buying a 10% stake in Rentokil and Desmond becoming executive chairman.

A statement from Raphoe confirmed today it had taken soundings from certain shareholders of Rentokil Initial and that it intended to approach the Rentokil board about an offer for the company. It will also seek discussions with the trustees of the Rentokil pension funds.

Raphoe added: “This announcement does not constitute a firm intention to make an offer and, accordingly, there can be no certainty that any offer will be made.”

Rentokil shares jumped 13% to 171p.