How Much Will CEO Hassan REALLY Clear -- From the Merck Reverse Merger?

I am cobbling together the new data, from the S-4, but Schering-Plough's lawyers haven't made it easy, at all. I'll have some fairly solid figures -- at various likely stock prices -- and some new graphics, on Hassan, Cox and Sabatino -- probably by late in the day, tomorrow. . . .

. . . .The WSJ has it as "Schering-Plough Corp. executives could receive $107.9 million in severance and pension payments if they leave after the drug maker is taken over by Merck & Co. . . ."

That is too-low -- by at least 36 percent. Probably more.

Look for it, here.

Okay -- For CEO Hassan alone, assuming the Schering-Plough merger stock price is about $26.25 on Merger Closing Day, his take will be at least $159.8 million, all in -- equity, cash compensation, deferred compensation and retirement benefits, with medical, etc.

Showing my work, now -- the methods by which I arrive at that figure.

Stay tuned.

In graphics, now:



By my reckoning, if the merger were to close tonight, at $23.68 -- Schering-Plough's NYSE closing common stock quote -- Mr. Hassan would walk away with a grand total of $139.96 million. The NYSE stock price is likely to be closer to $26.25, when the merger occurs -- as that is nearer the March 9, 2009 pegged value -- and, in that case, his personal take-away would be a jaw-slacking $159.85 million.