Business Services Industry
Shares of New York-Based Online Career Service Jump with Bid from Yahoo.
Knight Ridder/Tribune Business News, December, 2001
By D.C. Denison, The Boston Globe Knight Ridder/Tribune Business News
Dec. 14--Shares of HotJobs Inc. shot up 59 percent to $10.30 yesterday as investors reacted to an unsolicited $436 million bid for the online career service by Yahoo Inc., an attempt to beat an earlier offer from the parent company of Maynard-based Monster.com.
On Wednesday, Yahoo said it would pay $10.50 in cash and stock for each share of HotJobs. In June, TMP Worldwide, the New York-based parent company of Monster.com, offered to buy HotJobs in a stock swap that was then valued at $12.20 a share. At the time of Yahoo's offer, shares of TMP had fallen 6 percent, to $42.51, reducing the value of the deal to close to $9.33 for each HotJobs share, and shrinking the overall value of...
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