Media reports indicate CEO could cash out for around GBP 17 million if Bwin sale goes through
Norbert Teufelberger, the chief executive of the troubled and currently up for sale Bwin Party Digital Entertainment online gambling group, could be in the money big time if a successful acquisition of the company goes through.
Since last November the group has been on the sales block, and has confirmed that it is in talks with a number of suitors, including a GVC-Amaya combo and 888 Holdings, with numbers of around Euro 1.5 billion being discussed (see previous InfoPowa reports).
The Telegraph newspaper reports that Teufelberger stands to earn at least GBP 17 million in the event of a successful sale, explaining that he holds about 13.3 million shares in the company.
He has a further 9.2 million in deferred shares and options that might also pay-out depending on the value of a successful takeover.
Shareholders have had a tough time lately, the newspaper reports, noting that the shares were at 190p when the company listed on the London Exchange, but last Friday were down to 106.7p.
A spokesman for Bwin.Party told the newspaper that as a substantial investor in the business, Teufelberger was keen to make a decision that is in the interest of all shareholders.
Online Casino News Courtesy of Infopowa