Dr Michael Smurfit, chairman of the packaging group founded by his father almost 70 years ago, would receive a €230 million windfall if the group is sold at the type of prices being suggested in the market. Overall, the extended Smurfit family own about 10 per cent of the group.
Dr Smurfit's brothers, Alan and Dermot, are both executive directors of the group, although their stakes are substantially smaller than that of their older brother. At a price of €3.20 a share, Alan Smurfit's stake in the group is worth €13.4 million while Dermot Smurfit's shares are worth more than €18 million.
Three non-executive directors would also make sizeable fortunes if the firm is sold. Former chief operations officer Mr Howard Kilroy's shares are worth €27 million at a price of €3.20, while Mr Peter Gleeson's stake is worth €40 million.
The former head of Smurfit's US operations, Mr Jim Malloy, has shares worth €19 million while another former chief operations officer, Mr Paddy Wright - currently chairman of the RTÉ Authority - stands to get €7 million.
But one director who will not enjoy any windfall from a sale of Smurfit is former taoiseach Mr Albert Reynolds, who does not own a single share in the company, according to the 2001 annual report. Another former politician, Mr Ray MacSharry, owns only 4,620 Smurfit shares.
Any new owner of Jefferson Smurfit will undoubtedly also take a close look at some of the company's non-core assets. These would include the K Club in Co Kildare, an investment stoutly defended by Dr Smurfit but criticised by many as an extravagance for a company whose main business is manufacturing cardboard boxes.
