Retail and hospitality software company Micros Systems said Monday it will be acquired by Oracle for approximately $5.3 billion. Who stands to gain from the deal?
Micros’ chairman of the board, A.L. Giannopoulos, is pocketing about $60.5 million after Oracle agreed to buy the information technology company.
While Giannopoulos’ cash-out will be the largest of any single holder, he will not be the only Micros (MCRS) leader to walk away from the tech deal with a multi-million dollar payday. Oracle’s (ORCL) $68 a share cash offer will provide million-plus nest eggs to at least eight executives and directors.
Fifteen top executives and directors will bring home a total of over $255.8 million as a result of the deal, according to documents filed with the U.S. Securities and Exchange commission in October.
The three next-largest winners from the Oracle deal are executive vice presidents Thomas Patz ($48.7 million), Kaweh Niroomand ($39.8 million) and Stefan Piringer ($32 million).
These estimates may be low. If any one of the 15 executives exercised part of the 3.3 million share options available for purchase as of the end of August, they could be receiving an even larger cash windfall.
Micros’ president and CEO Peter Altabef, who stepped into the role in January 2013, is noticeably absent from this list. He didn’t own any shares of the company’s common stock as of Aug. 31.