HotJobs.com Finds Another Interested Buyer
Dec 26, 2001, 12:00 AM
Online job recruitment company HotJobs.com Inc. intends to accept an unsolicited bid from Yahoo Inc. unless TMP Worldwide Inc., which agreed to buy HotJobs in June, sweetens its offer. Yahoo earlier this month offered to pay about $436 million in cash and stock for HotJobs, a bid that was deemed a superior proposal. TMP has until Thursday to make an offer that is "as favorable" to HotJobs shareholders, HotJobs said. The value of TMP's offer has dropped to about $341 million currently from about $498 million, based on the closing price of its shares on the day the deal was announced on June 29th. The change was due to a decline its stock price. TMP offered to buy HotJobs, the No. 2 player in the field, in a deal initially valued at around $460 million. TMP would be entitled to a termination fee of $15 million and reimbursement of up to $2 million in other expenses if HotJobs spurns its offer in favor of the Yahoo bid, HotJobs said.