The chief executive of coffee and tea company DE Master Blenders has sold shares worth €7.7m ahead of the group’s takeover by investment house Joh A Benckiser.

Jan Bennink still retains shares worth €4.1m, which he will be able to cash in when he achieves certain performance targets, the Telegraaf reports on Thursday. JAB is offering €12.50 a share for the Dutch listed company.

Bennink is also set to get a €5.7m bonus when the sale to JAB is finalised, the paper said.

This will not be the first time Bennink has cashed in on selling a company. In 2007 he earned some €100m when he oversaw the sale of baby food group Numico to French firm Danone.