Newell Rubbermaid to Buy Jarden for More Than $15 Billion
Atlanta partner Brink Dickerson was quoted in a December 15 Wall Street Journal article about Jarden Corp. announcing it would combine with Newell Rubbermaid Inc. in a $15.4 billion deal, merging the ownership of brands that include Sharpie markers, Baby Jogger strollers and Rawlings baseball gloves. Shareholders of Atlanta-based Newell Rubbermaid will end up with 55% of the combined company, which will be named Newell Brands, with $16 billion in annual revenue.
Martin Franklin, the owner of Jarden, and two other senior executives could net more than $260 million in combined payouts. Franklin could also receive as much as $132 million in cash, stock and benefits if his contract isn’t renewed with two years after the deal. He also has an employment agreement with an unusual clause that gives him the right to acquire any Jarden aircraft at its value for federal income tax purposes soon after his employment terminates.
“When you look at executive jets, they hold their value remarkably well,” Brink, who advises companies on their corporate aircraft disclosures, said.