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Monster devours HotJobs
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June 29, 2001: 6:25 p.m. ET
Parent of online job search co. Monster.com buys rival for $460 million
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NEW YORK (CNNfn) - The parent of online job search company Monster.com agreed late Friday to buy rival HotJobs.com Ltd. in an all-stock deal worth about $460 million.
TMP Worldwide Inc. said it agreed to swap 0.2195 share of TMP stock for every share of HotJobs.com. The $460 million price tag, based on a 10-day average of TMP (TMPW: Research, Estimates) closing stock, represents a 20.9 percent premium on HotJobs.com's Thursday close.
The deal, expected to close in the fourth quarter, must still be approved by HotJobs.com (HOTJ: Research, Estimates) shareholders.
"Becoming part of TMP Worldwide will provide our company with enormous opportunities for cross selling services and international growth," said Dimitri Boylan, HotJobs.com president and CEO, in a statement.
The companies said the combination will have more than 650,000 jobs and 14 million online resumes.
HotJobs.com recently saw first-quarter revenues shoot up 142 percent compared to the year-ago period to $33.6 million and posted a narrower-than-expected loss. In May TMP agreed to buy Swedish online recruitment site Jobline International AG for $115.5 million. 
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