Monster Beverage Corp. has paid two top executives a combined $449 million in exchange for about 2.88 million shares purchased as part of a tender offer announced last month.
The Corona, California-based company paid chief executive officer Rodney Sacks and chief financial officer Hilton Schlosberg $156 per share, according to regulatory filings. The two jointly own most of their stakes in the energy-drink-maker through a number of limited partnerships.
Monster announced last month that it would spend as much as $2 billion on a modified Dutch auction to buy back shares at prices ranging from $142 to $160. The company purchased about 12.8 million shares in total, or 6.3 per cent of the outstanding equity.
Sacks and Schlosberg, both billionaires, created Monster after buying debt-laden soda-maker Hansen Natural Corp. in 1992. The two saw some of the biggest windfalls among any US executives last year, as they saw gains of $598 million from exercising options.
Monster Beverage didn’t have an immediate comment.
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