That $720 million has been oft-repeated, it leaves the impression that all of it went to Sinclair. Below is the link to the Tender Offer registered at the Securities and Exchange Commission, and some quotes from the website. The website’s table contains the names of all shareholders paid. Although it is publicly available, I truncated the table and left only the row containing shares of Sinclair.
https://br.advfn.com/noticias/EDGAR/2008/artigo/26115274
Tender Offer.
This Schedule 14D-9 relates to the tender offer by Fountain Acquisition Corporation, a Delaware corporation (“Purchaser”) and a direct wholly-owned subsidiary of SmithKline Beecham Corporation, a Pennsylvania corporation (“Parent”) and an indirect wholly-owned subsidiary of GlaxoSmithKline plc, a public limited company organized under the laws of England and Wales (“GSK”), to purchase all of the outstanding Shares at a purchase price of $22.50 per Share, net to the selling stockholders in cash (the “Offer Price”), without interest thereon and less any required withholding taxes upon the terms and subject to the conditions set forth in the Offer to Purchase, dated May 2, 2008 (the “Offer to Purchase”), and in the related Letter of Transmittal (which, together with the Offer to Purchase and any amendments or supplements to either of them, constitutes the “Offer”). The Offer is described in a Tender Offer Statement on Schedule TO (as amended or supplemented from time to time, the “Schedule TO”), filed by GSK and Purchaser with the Securities and Exchange Commission (the “SEC”) on May 2, 2008. The Offer to Purchase and related Letter of Transmittal have been filed as Exhibits (a)(2) and (a)(3) hereto, respectively.
The table below sets forth the amounts payable upon consummation of the Offer to the Company’s non-employee directors pursuant to the cash out of such Directors’ Options and Restricted Stock and purchase of such Directors’ Shares.
Non-Employee Directors Options Options Stock(2) Shares(3) Total
David Sinclair, Ph.D. $ 2,727,480 $ 2,195,078 $ 704,824 $ 2,733,930 $ 8,361,312
So Sinclair made $8M, not $720 M. The stock was trading at $12.50, but the offer was for $22.50. So there was a profit of about half to Sinclair and company, or about $4 M to Sinclair, for the “overprice”.
The price at IPO (initial public offering) was $10.00.
https://www.sec.gov/Archives/edgar/data/1388775/000104746907004542/a2178109z424b4.htm.