Yahoo acquisition for HotJobs.com accepted

Yahoo Inc said it was notified by the board of HotJobs.com Ltd, an internet site for employers and jobseekers, that its takeover offer had been judged to be more favorable to shareholders than that of competitive bidder TMP Worldwide Inc.

Last week Yahoo topped a prior bid for HotJobs from TMP by offering $436m in stock and stock for the company.

In a separate statement, HotJobs.com, said it has given formal notice to TMP that HotJobs received a "Superior Proposal" from Yahoo, contrasting with the merger agreement entered into on June 29, 2001 between HotJobs and TMP.

HotJobs said the Yahoo! proposal is superior because it would guarantee a price for all outstanding HotJobs common stock at a price of $10.50 apiece, consisting of equal part of cash and stock.

The stock portion of the TMP offer has no such guarantee, according to HotJobs.com.

Yahoo also claimed that its offer would not poise potential antitrust issues, unlike that of TMP, which is also a longtime player in the employment business.

Yahoo said it believes that TMP, which now has three days either to match the Yahoo offer or respond in some other way.

"We are pleased with the response from HotJobs' Board of Directors to our offer and that they have determined that Yahoo!'s offer provides superior value for HotJobs' shareholders," Yahoo said.