By Keith Regan E-Commerce Times
01/11/02 11:32 AM PT
Monster.com -- whose parent TMP Worldwide was slated to buy HotJobs before Yahoo! entered
the fray -- said its partnership with Deloitte will focus on college students and
senior-level professionals looking for new employment.
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Yahoo! (Nasdaq: YHOO) said it has started to
acquire shares of HotJobs (Nasdaq: HOTJ) under the terms of the takeover agreement
announced last month.
Yahoo said its wholly owned subsidiary, HJ Acquisition Corp., began offering HotJobs
shareholders a combination of cash and Yahoo! shares that values HotJobs stock at
US$10.50 per share. The offer is scheduled to expire February 8th, but Yahoo! said it may
be extended.
The offer represents a slight premium over HotJobs' current stock price.
Shares were up a penny to $10.41 in midday trading Friday.
Meanwhile, the HotJobs suitor that Yahoo outbid, Monster.com, said Thursday that
it has been tapped by consulting giant Deloitte Touche Tohmatsu
to conduct online recruiting worldwide.
Also this week, Monster unveiled a new software product aimed at corporate human resource
managers. Known as Monster Office HQ, the software lets HR managers use a Web browser to
track job postings in newspapers and on the Internet and to collect resumes in a
searchable database.
Worldwide Efforts
Monster.com -- whose parent TMP Worldwide (Nasdaq: TMPW) was slated to buy HotJobs in an
all-stock deal before Yahoo! entered the fray -- said its partnership with Deloitte will
focus on two fronts: MonsterTRAK, the job board's service for college students seeking
entry-level jobs or internships, and ChiefMonster, which targets senior professionals and
executives.
Deloitte employs about 95,000 people worldwide.
"Attracting top talent is our first priority," said Kent Kirch, global director of
recruiting at Deloitte. "The ability to post jobs in multiple countries and access
Monster's comprehensive resume database is an important element of our recruitment
strategy."
Steve Pogorzelski, president of Monster.com in North America, said Monster will enable
Deloitte to present its job openings to potential employees with a range of experience
levels around the world. Monster currently operates in 21 countries.
Offers Aplenty
In late December, Monster and TMP dropped out of the
bidding for HotJobs, the No. 2 online job site, clearing the way for Yahoo's $436
million offer.
TMP had hoped to use the HotJobs merger to delve
deeper into the market for government and education job listings and to expand the
number of corporations to which it could sell its products, which include recruitment
tools, marketing programs and online yellow pages.
All three companies are all vying for the lion's share of the market for online job
recruiting, which Forrester Research (Nasdaq: FORR)
has estimated could be worth $9 billion worldwide by 2005.
TMP Drops Out of HotJobs Bidding December 27, 2001
Analysts say that job search companies could do brisk business in an economic downturn.
Monster was a strong performer during the third quarter.
HotJobs Favoring Yahoo! in Takeover Battle December 26, 2001
TMP's takeover bid was once worth US$460 million, but as TMP's stock price has slipped
the value of the deal has dipped to around $350 million.
Yahoo! Makes Competing Bid for HotJobs December 13, 2001
Yahoo's offer to buy HotJobs follows the merger agreement between TMP and HotJobs.
However, that merger is being investigated by U.S. regulators and has yet to close.
More by Keith Regan
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