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Yahoo! bids for HotJobs.com
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December 12, 2001: 5:47 p.m. ET
Company ups the ante for employment site, outbidding TMP.
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NEW YORK (CNN/Money) - Internet media company Yahoo! late Wednesday said it has offered to acquire HotJobs.com for roughly $436 million, hoping to counter a previous buyout offer from TMP Worldwide.
In June, TMP Worldwide (TMPW: down $0.13 to $45.05, Research, Estimates), the parent of online job search company Monster.com, made an offer to buy all of HotJobs.com's stock under a stock swap deal that at Wednesday's close would be valued at roughly $387 million.
Yahoo! (YHOO: up $0.72 to $19.14, Research, Estimates) said its board of directors had unanimously approved the offer, which Chairman and CEO Terry Semel presented to HotJobs CEO Dimitri Boylan on Wednesday.
"We are making this offer to Mr. Boylan and the Board of Directors of HotJobs and hope to commence merger discussions as soon as possible," Semel said in a statement.
"Our offer provides HotJobs shareholders with superior value, less regulatory risk, and faster execution than HotJobs's pending merger with TMP Worldwide," Semel added.
Yahoo! said it offered HotJobs.com (HOTJ: up $0.17 to $6.47, Research, Estimates) $10.50 per share for its 38.7 million outstanding shares. Yahoo! said it would consummate the offer using equal parts cash and stock.
TMP said it would exchange a little more than two-tenths of a share of its stock for every share of HotJobs.com, which would value such a transaction at about $387 million, based on Wednesday's closing prices. 
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