Business Services Industry
Yahoo to Buy HotJobs.com for $436 Million.
Knight Ridder/Tribune Business News, December, 2001
By Mary Anne Ostrom, San Jose Mercury News, Calif. Knight Ridder/Tribune Business News
Dec. 28--Yahoo said Thursday it will buy HotJobs.com for $436 million, triumphing over the original bidder and securing for itself the No. 2 spot among online recruiters.
Two weeks ago, the struggling Sunnyvale Web portal made an 11th-hour unsolicited offer for HotJobs in a bid to scuttle its sale to TMP Worldwide, which owns the top jobs site, Monster.com.
Responding to a Thursday deadline from HotJobs to sweeten its bid, TMP said it found no "financial or strategic rationale" for improving its all-stock offer.
HotJobs shareholders will get an equal amount of cash and Yahoo stock valued at $10.50 a share, Yahoo said.
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