Hammerson boss David Atkins set for £9m payday if Klépierre bid goes through

The chief executive of Hammerson could make more than £9 million if the company is taken over by French bidder Klépierre.

David Atkins has accrued 1.5 million shares and options since taking the top job in 2009, since when he has earned £16 million. It is likely a majority of options would vest in the event of a takeover. Investment director Peter Cole is in line for £7.3 million if the deal goes ahead.

However, that is far from a foregone conclusion, since Hammerson has labelled Klépierre’s 615p-a-share bid “wholly inadequate and entirely opportunistic”. It feels fair value should be far nearer its net asset value of 776p a share.

Key to any rise in price will be US shopping malls tycoon David Simon, whose Simon Retail group owns 20% of Kléppiere. He has long wanted to extend his business beyond the US and bid for intu in 2010 but failed. Hammerson is now in the midst of buying intu and today announced a £1.5 billion debt refinancing to support the deal.