Quantcast
Subscribe to magazine

Yahoo Buys HotJobs

$436 million deal said to make Yahoo second only to Monster.com in the online recruitment market.

Stacy Cowley, IDG News Service

  • 0 Yes
  • 0 No

Hours after Monster.com parent TMP Worldwide declined to up its bid for recruitment Web site HotJobs.com, Yahoo finalized its agreement to buy the job board for approximately $436 million.

Yahoo will pay $10.50 per share in cash and stock to acquire HotJobs.com. The acquisition will make Yahoo the second-largest presence in the online recruiting sector, Yahoo Chief Executive Officer Terry Semel said in a prepared statement--behind spurned suitor Monster.com. Yahoo said it will focus on serving Fortune 1000 companies and other large employers.

The transaction is expected to close in the first quarter of 2002.

HotJobs.com terminated its merger agreement with TMP early Thursday and paid TMP a $15 million termination fee and $2 million in expense reimbursement, HotJobs.com CEO Dimitri Boylan said in a statement.

HotJobs.com shares dropped slightly in trading Thursday on the Nasdaq exchange, dipping 2.72 percent to $10.38. Shares of Yahoo climbed 1.94 percent to $17.85, also on the Nasdaq exchange.

  • Recommend this story?
  • 0 Yes
    0 No

Related Tech Industry Articles

  • Microsoft Bolsters Ruby Efforts Company unveiling initiatives accommodating popular language.
  • SharePoint Helps Insurer Avoid Risks Allied North America, an insurer for construction firms, says its customer portal built using Microsoft SharePoint helps track construction site activities and analyze data to reduce risks for its clients.
  • Three Keys to Getting Projects Under Control, Part 2 Idea clarity is key: Know exactly what you are trying to accomplish. You know you "have an idea" when you can answer the questions Where are you going? How are you going to get there? What will it cost? What is the payoff?
  • 14 Common Project Management Mistakes Nearly 70 percent of IT projects are dogged by cost-overruns or aren't completed on schedule due to poor planning, poor communication or poor resource allocation. This story assess the impact of the 14 most common project management mistakes and offers ways IT groups can avoid them.
  • Smart Robots Will Explore Universe by 2020 Much like the probe in The Empire Strikes Back, smart bots will find and send info back to Earth.
More Related Tech Industry Articles
  • CDW Virtualization Center What is Virtualization and how can it help you save money? Click here to find out.
  • Cisco Small Business Center Does your network give your business an advantage. Click here to find out...
  • HP Ink Center Bring improved color and brilliance to your printed material. Visit the Resource Center for more info...

PC World's Marketplace

PC World's Free Whitepapers

Name City
Address 1 State Zip
Address 2 E-mail (optional)