The research, published today in "Marketing Services Financial Intelligence"
Michiel Mol, the founder of one of a predecessor companies Lost Boys, will also have seen the value of his shareholding double to €54 million over the two year period.
Chief executive Luke Taylor, who rose to that role after LBi acquired the Scandinavian group Framfab, could enjoy a gain well in excess of €4 million (£3.2 million).
“As both LBi and Publicis are public companies it would have been possible in theory for Publicis to make an offer that comprised a mixture of shares and cash, thereby reducing the strain on the Publicis coffers”, commented the report’s editor Bob Willott.
“However, it seems highly probable that the private equity backers would have preferred a clean exit with a pile of cash rather than accept some Publicis shares. And if the private equity investors wanted cash, it is inconceivable that other shareholders could have been persuaded to sell other than on the same terms.”
The Publicis offer puts a price tag of €416m on LBi, a price that Willott regards as “generous”