HotJobs Ups the Bidding, Plays Off Against Yahoo!

27 December 2001

Lossmaking internet employment bureau, basking in the warmth of a battle for its hand by two dollar-dizzy suitors, has invited Romeo number one, (to whom it has been betrothed for the last six months) to trump the bid made by swain number two, Yahoo!, which a week ago offered a dowry of $436 million – or $10.50 per-share.

Setting a deadline for 9.00am EST Thursday, Hotjobs has invited's parent, TMP Worldwide, to better its all-stock offer, which based on TMP's Nasdaq closing price Monday is now worth $9.11 per share.

In a terse statement, Hotjobs said only that it will respond to HotJobs' ultimatum “at an appropriate time”.

Rarities among dotcoms, both Yahoo! and MonsterJobs’ parent TMP are cash-positive, the former with funds of $346.1 million the latter with $317.6 million.

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