MediaNews Commences Previously Announced Partial Tender Offer for Monster (MWW) Common Stock

October 25, 2016 5:17 PM EDT

Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.

MediaNews Group, Inc. ("MNG") today announced that through its affiliate, Strategic Investment Opportunities LLC (the "Purchaser"), it has commenced its previously announced tender offer to purchase up to 8,925,815 shares of the common stock of Monster Worldwide, Inc. (NYSE: MWW) ("Monster" or the "Company") at a cash purchase price of $3.70 per share. MNG, through its affiliates, owns approximately 11.5% of the outstanding shares of Monster common stock based on publicly available information.

The offer price of $3.70 per share represents a 9.8% premium to the closing price of Monster common stock reported on the NYSE on October 20, 2016, the last full trading day before MNG announced the tender offer and a 33.6% premium to the closing price of Monster common stock reported on the NYSE on August 8, 2016, the last full trading day before announcement of the Randstad merger agreement. The number of shares Purchaser is offering to acquire represents approximately 10% of the outstanding shares of Monster common stock. If the tender offer is fully subscribed and completed, MNG, through its affiliates, would own approximately 21.5% of the outstanding shares of Monster common stock.

The terms and conditions of the tender offer are described in an offer to purchase that has been filed with the SEC. MNG's offer is not subject to a financing condition, however, it is subject to certain other conditions, including the termination of both the Randstad tender offer and merger agreement. The tender offer expires at 5:00pm EST, on Wednesday, November 23, 2016, unless extended. All tenders of shares must be made prior to the expiration of the tender offer period.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In






Related Categories

Corporate News, Insider Trades

Related Entities

Definitive Agreement

Add Your Comment