Couldn’t buy the Monster …

Hours after parent TMP Worldwide declined to up its bid for recruitment Web site, 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 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 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. terminated its merger agreement with TMP early Thursday and paid TMP a $15 million termination fee and $2 million in expense reimbursement, CEO Dimitri Boylan said in a statement. 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.