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.