Business Services Industry
Parent Company of Monster.com Refuses to Increase Bid for Rival Job Site.
Knight Ridder/Tribune Business News, December, 2001
By D.C. Denison, The Boston Globe Knight Ridder/Tribune Business News
Dec. 28--TMP Worldwide, the parent company of Maynard-based Monster.com, yesterday announced it would not increase its bid for HotJobs.com Ltd., a rival recruitment site. The move clears the way for Yahoo Inc.'s purchase of HotJobs, the number two online job recruitment company.
In June, New York-based TMP offered to buy HotJobs in a stock swap that was then valued at $460 million.
The deal appeared to be making its way through regulatory approval until Dec. 12, when Yahoo suddenly made an offer for HotJobs, declaring that it would pay $10.50 in cash and stock for each share of HotJobs.
At the time of Yahoo's offer, shares of TMP had fallen 6 percent, to $42.51,...
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